Feel free to PM me if you would rather not post praise or criticisms publicly.

Baby Boomers are a massive generation and Social Security helps pay rent for a lot of them, in some ways it's a version of Section 8 housing but obviously with different tenants. 

It’s located in an excellent spot backing an popular bike path, in a good public school system, and close to popular parks and recreation.I’ve got a few different ideas for the property but I’m really just not sure where to start.

If not, make sure you get copies of the rental agreements from the landlord and the security deposits. 

Therefore we look out for their best interest as well as the help, safety and welfare of the public/anyone whom will utilize the space(s).  

Where Do you end up putting the security deposit?

It sounds like your primary goal is financial security during this transitional period.

When one is thinking of an investment that is sound and just “makes sense”, sometimes we all too quickly look at things like any publicly traded company's daily charts.

From your story I gather:first, you secured financing through an FHA loan with a 203K included (where you planning on living there for one year to meet the fha requirements?

Our first property was under-rented by $200/mo, with no written lease agreements, no security deposits and no pet fees.