Please consult an attorney for legal advice.

Please consult an attorney for legal advice.

I would 100% recommend consulting your CPA, and/or a CPA that specializes in Real Estate and may have some experience with the FAFSA. 

I would consult a real estate attorney.

Quote from @Patrick OHalleran: Hi David - I used HallCPA for a Consulting engagement (about $5k) and found the tax planning support to be very helpful. 

I don't thinknthey can make up rules that are part of C&R and that take a majority vote to make those changes.I would at least consult an attorney.

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.

My GC is a rock Star local banker that went out of the way to fund an out of area/state investor.Hired BP Realtor Rock Star @Troy Gandee to consult and now market the property for us.. take a look and let us know what you think..

Always consult with your attorney before you rely on the above information.

Always consult with qualified professionals for guidance tailored to your individual situation.