Some say all contracts are assignable, others the NJ RE contract is; but in the same space I am being warned that one needs to be careful.

I agree with @Anthony DooleyBe careful and don't get caught up solely in the number of units you have. 

Take care of the drywall issue if and when you decide to move forward.

Or care to explain how your car insurance saved you from totaling your car?

Crazy.....And if its was " buys paid 1.2M for plot of land in Fremont", no one would care and most would think it was a great deal

Put simply, do you care more about monthly cash flow or long term appreciation potential?

One  (the good one)  no compains in almost 5 years,  she pays on time (most of the time) her part of the lease,  one time I had a really bad tenant,  she was in her 20s with 5 kids and no job,  Housing authoirty was paying the 100% of her lease but anytime I was on the property she was with  some "visitors"     normally more than 5, after having osme discucions becasue she was not a clean lady I asked her to leave,  the good thing is she moved out without any legal action,  Be careful accepting the tenant,  even they are coming with the voucher,  you need to do your due diligence all the time,  credit score is not an issue but eviction yes Good luck 

You're right to be careful but trust the numbers and do due-diligence.

The specific answer needs to be provided by an "elder care" attorney in your local area.

I would also explore a resident manager to take care of the property if you can't find a qualified company.These smaller properties are difficult to manage due to their size and the inability to retain full time payroll.