So let's say 4,500 to be conservative.  

What and how could I negotiate with the seller to make it attractive for both parties?

Looking to be less conservative about RE investing.

Everyone joint ventured in a project is motivated to get it done so even if one party can't be physically present time sensitive decisions will be made and everyone informed.Let me know if you want any specifics.

We're looking to have this one at a conservative 73% LTV with a contract already in place and large buyer escrow.  

Many disagree with me and that's fine....but plan conservatively or switch to shared housing which has less risk than single family rentals and higher net rents.  

The hard part is all the regulations and hoops you have to jump through in order to create the assisted living business.

.$15k rehab (it's always more than you think)$400 annual taxes (have no idea what the tax rate is where you are)10% vacancy5% OpEx10% CapEx10% PMThose are pretty conservative numbers, which is the way I roll!

However, I am not sure how I would set up a business in which both parties are rewarded fairly.

Since I am a beginner, I plan to use conservative expense estimates and get a mentor.