There were a lot of operational improvements that we were able to make right away.

These loans focus on the property, your credit, and cash flow of the your business operations for the Subject Property.If you are looking for investment properties that you are planning to occupy, there are also other programs that you might qualify for. 

The liability isn't a major issue if you have the right set up and insurance.I own homes that I lease to operators of Residential Assisted Living businesses.Take a deep breath, you'll be fine if you follow what I share with you here.The RAL business, your tenant, should have professional business liability insurance.  

They have the most vested interest in you buying a solid deal, because they have to manage it every day.Just be careful of turnkey operators as they have a bigger vested interest in selling than managing.You might want to read our series about “How to Screen a PMC Better than a Tenant”, since selecting the wrong PMC is usually more harmful than selecting a bad tenant: https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processes

The price for a property that size will vary on various different factors- market, age, condition, how it is currently being operated/income, etc.

Property management is the running of all the systems that it takes to keep a property operating at maximum profits.

I actually know an operator who has prior experience regarding investing in student housing.

It would be a shame to set up in an area like unincorporated Adams County that doesn't currently have an ordinance, but where STR's are operating "under the radar", only to have short term rentals banned completely soon after you set up (tighter restrictions on STR's has been the trend over the past 10-15 years, although lately some places like Arvada and possibly soon Lakewood have reversed the trend). 

If doing that is too much, then this person may be better served with a more passive real estate investment strategy like syndication, where a General Partnership team finds and operates the deal.

The generally accepted order of operations is:1.