I would like to provide an update though.

Thanks for the update, Corey!

What a great bonus after you've seen some regular income from rents.Bob, I'm also curious about that as well (assuming you're speaking of LTV).

Some folks just consider this part of their first year regular expenses, though I like to budget it for it up front when running the numbers on a property.Best of luck!

Joshua Dorkin, thanks for the update.

Quick update...

Correct me if I am wrong, but if there is equity in the house then it would likely be a regular sale and not a short sale?

Once BofA agrees, they send it to the investor for an updated short sale approval.

The other explaination would be if it were a very old home with no system updates and either aluminum or knob and tube wiring.

Depending on what you want to do they can be very,very involved.Most developers are buying value add buildings already constructed and operating for less than what it cost to build new.They are still building in areas where demand is really high and not much product is available.With that you have to see who is building what and where and how many other applications for new buildings for the area are in the process.You have to time the market with your land purchase,build out,and lease up so that you are not finishing your product in a saturated market.You can have 55 and over regular communities, acute care only,or a mix etc.Income is good but management and regulation is more intensive.Depending on size you would want to bring on a senior housing developer with a track record of experience.