All things being equal, my parents would prefer that the encroachment agreement continues with the new buyers.My question is: is this encroachment agreement only valid with the current owner?

But I do not operate as an LLC, this is a decision which cuts against the prevail opinion of many. 

Met a few neighbors, had my go-to rent-ready-rehab coordinator come by, got a plumbing quote, had my painters get started upstairs, and continued on rehab with my buddy whom I flew out from Seattle.

There is most likely room for another assisted living/memory care on my land but I do not have the know how or funding to build or operate one.

(There are other properties in LLC which we will continue to hold), so LLC is going to stay. 

I have only lived in Southern states and want to learn some of the key differences in regards to operating expenses.

@Erik Keim  We operate a very successful Turnkey operation here, and understand every street here.  

Step 3: Continue with partnership because you are cashflowing.  

I reckon 3-5 years is too short a time frame to GUARANTEE continued appreciation that gets you cash flow AND a profit on sale, after taking all expenses into account - if you're paying market value, in an already hot market.

As rents rise with inflation, your yield continues to accelerate.