Hi All,I have a weirdly specific legal question and I hope someone out there can help.I own a 2 story building in NYC.

It's not about risking just your tenant or the rental aspect itself-- you could have a personal life issue that now lets the real estate become accessible.

Hello ALL, My mother is 70 yrs old and she is fully aware of everything she has no health issues at this time.

The borrower was 11 months behind on payments and between the payments and legal needed $18,560 to bring the loan current.  

There were daily issues and when they didnt complete the job, nor complete it properly I went to his office to complain.

Though I'm struggling with understanding the contract that I'll be signing that gives me legal ownership of the house.

@Toben B. usually under Legal & other professional fees

I've been in REI a long time and have seen the good, the bad, and the ugly, but $60k of damage from one tenant indicates gross negligence on the part of the property manager.I'd suggest three things: 1) Study the contract you have with the PM company, and talk with your attorney ASAP to see whether a lawsuit is feasible/advisable, 2) Get at least three bids from other contractors on the repairs (and before you hire any contractors, study up thoroughly on how to properly vet and manage contractors--there's plenty of info about this on BP) 3) Don't do any more business with the PM company (or any contractors they refer), and keep them at arm's length while you discuss your legal options with your attorney.

Pros:Stable Income: These facilities often sign longer leases, providing landlords with a more stable and predictable income compared to traditional residential rentals.Higher Rent Potential: Because these facilities generate income through the services they provide, landlords might negotiate higher rent than standard residential properties, reflecting the commercial nature of the tenant's business.Lower Tenant Turnover: Residential assisted living facilities tend to have lower turnover rates, reducing the frequency of vacancies and the costs associated with finding new tenants.Social Contribution: By renting to such facilities, landlords contribute to addressing the growing demand for assisted living and support services, positively impacting their community.Property Maintenance: Tenants in this sector often maintain the property well to comply with regulations and ensure a comfortable living environment for their clients, potentially reducing wear and tear.Cons:Regulatory and Compliance Issues: Facilities must adhere to strict regulatory and compliance standards, which can involve the landlord in complex legal and zoning issues.Higher Insurance Costs: The nature of the business might require additional insurance coverage, potentially increasing costs for landlords if they are responsible for carrying this insurance.Modifications and Upgrades: Meeting the specific needs of an assisted living facility may require significant property modifications and upgrades, which can be costly.Market Limitations: Should the lease end or the facility close, the specialized modifications made to the property might limit the market for future tenants, potentially requiring substantial investment to revert the property to standard residential use.Operational Oversight: Landlords might need to monitor the facility's operations more closely to ensure compliance with lease terms and local regulations, requiring more hands-on involvement than traditional rentals.I know tons of investors who are renting out their properties using this strategy here in Fort Worth. 

They can help you navigate the rental process, screen potential tenants, and handle any maintenance or repair issues that may arise.Overall, there are several avenues you can explore to find renters for your medium term rental property.