Contacted about lease for assisted living facility HELP! Oregon
Hello! Long time listener, forum browser, and small time investor (4 properties). I was recently contacted by a provider of a 24 hr assisted living care facility. He has offered significantly higher rent than market rate but I'm concerned as it seems almost too good to be true. Being as my real estate journey is starting to take off I really do not want to endanger everything my family and I have worked for. Any advice or items to watch out for would be greatly appreciated. Main items of concern:
Lease set up: Business to owner, specific items to include - boiler plate or company that can generate for a fee
Liability issues and insurance
ADA requirements: the owner had stated only required depending on what tenants live in the facility- carbon/smoke alarms - no ramps, etc (seems fishy as in construction rules on ADA are stringent)
As the owner do I need any short of license?
Again any help is greatly appreciated!