Anyhow, my main question is this...I plan on finishing building out the basement home section and that will end up having 3-4 more bedrooms plus a fitness center and theater room.

They use the land for free, they build the house, you split the profits in whatever percentage fits.  

@Neal Collins well our current renters have until November 1st locked in at 1600, but we are talking to them right now about lease optioning now or selling to them, whichever one is going to fit better for both their financials situation and ours. 

From the numbers I've run here on BP, I would need to get the house about $15k-20K below asking price for it to fit my target numbers.

The zoning is commercial retirement, so if all the tenets are over 55 I think you fit into the existing zoning without any change.  

How would this fit your parameters for a profitable rental property?

Health insurance is only one aspect of your "freedom" plan.Tally your overall expenses: Housing, food, clothing, insurance, medical expenses (those babies aren't cheap!)

You would set your monthly "profit" and the computer does the math to calculate a purchase price that gives you that monthly "profit".Keep looking for a deal that fits your model (or change your model).Good Luck!

Personally, I built mine to my requirements and to fit our syndication model (everyone has their own little flavor with their own assumptions and models).

Again, the pieces just fit together perfectly and she started our second truck as a partner, effectively doubling the business.