First, unless you took the measurements yourself, advertised and/or tax record square footage numbers are notoriously inaccurate.  

(ok, I'm exaggerating a bit) but you get the point...The reason this is wrong on so many levels is that they aim for the heart.

Gross income 3x rent is the gold standard as many have indicated; this tenant clearly does not qualify based on this measure alone.

Is there a program out there that estimates the rehab costsI am looking for something that does materials and then laborsome ideas of what I am looking for....I can input the cost of a door (based on the type of door I want- slab, paneled,etc...) and then enter the number of doors and also calculates the door locksIf I need to do sheetrock I can enter the Length and width and height of the room and it calculates for me the sheets of rock I need to buyIf your doing tile measure room size,  I then enter the tile sq ft price and it calculates then also figures grout and even asks if you need an underlayment, same thing if it were the hardwood - what type of padding,  or are you using padding, sub floor glue, padding glueCabinets I put in lin ft of cabinets and it calculates a price based on a low, med, high range that may already be put in there or that I can populate myselfAppliances- check off what you need and it calculates based on low, med, high rangeBathroom upgrades- toilets, tile, vanity, tops, grab bars, towel bars, toilet paper holder. etc...Something that has all the little items that a non professional contractors will leave out. 

Second, don't aim for the lowest rate.  

We then combine these various measures of fundamental value rather than relying on a single factor, because no one measure is perfect.

A rate is merely a measure of change.

Also, if the nursing home is government funded (or even if it isn't), chances are that there will be claw-back provisions, so the heirs may not achieve what they are aiming for anyway.

Both of the partners need to know each other's goals, intentions, and communicate fluently...as a measure of security and comfort, me and my partner wrote up a "partnership contract", where we stated what eachother will bring to the table, what each of us is responsible for and all of the financial, returns and work responsibilities we each get.

Hello,I am based in Boston and aim to be a buy and hold investor in single family homes in Texas and Arizona.