I think you may save money in plumbing calls in the long run.Good luck

It’s a zoning/legal/licensing/operations-heavy conversion that requires architects, healthcare consultants, fire marshals, and an administrator involved from day one.Before going further, I’d start with:Zoning confirmationA change-of-use meeting with the cityA fire marshal walk-throughA call with an assisted living licensing specialist in your stateThose four steps will tell you very quickly whether this is viable or a money pit.

For newer investors—what’s been the biggest challenge in getting private money?

Quote from @Nicole Claibourn: Investment Info:Single-family residence private money loan investment.

A lot of hard money lenders won’t touch a deal once demo has started because they can’t verify the scope or what’s been done so far, but the ones who do this regularly will just underwrite it as a “rehab in progress.”Here’s your best path:1.

The big issue is Hard money lender requires interior pictures.Can I change my lender and have another one who doesnt require visiting the property?

And in the future if you decide you need to pay someone you pay them out of the tenant’s money after they move in.

Quote from @Placeholder Placeholder: Has anyone ever heard of Funding Co Holding, LLC, was In need of hard money loan due to unqualified docs, attempting to purchase potential property with extremely great ROI.

As a broker, my biggest pet peeves are hard money lenders circumventing to my clients, not being upfront about fees, asking for a commitment fee prior to issuing loan docs, and "matching" my broker fees, even though I underwrote the file, got the client, and did all of the processing work. 

Institutional private money is really no different than Hard Money except maybe they can close a little faster but sometimes it is a title issue and you can't anyway.