I personally haven't invested in senior living, however, in my role, I procure financing for people that do.

(There's a continuum, I get it - but hopefully the sentiment lands.)Of your "questions" at the end of your post, I think your first outcome (1.) is probably the most likely and I would begin preparing for that eventuality (i.e. engage a L/T attorney, procuring cash reserves for non-payment during eviction, funds for extensive renovation). 

But regardless, one easy thing would be to take on purchasing and procuring finish material.

Used bank financing he had procured when development started, so was money committed at lower rates. 

If so, what's the best way to procure a new loan?

I did the design, permitting, procuring materials, and I was also the GC. 

Its going to be managed by a property manager and thus a passive investment which is allowed per h1b rules.However, I am being needed to procure state and county hotel tax certificates which almost seems like I am launching a hotel business in the records of state.I am starting to wonder if this can cause issues down the lane when renewing my visa or applying for green card.If anyone else has a similar experience or own STRs on h1b, urgently want to discuss this with you.

So far I’m looking into a financial advisor, estate planning attorney (thoughts on trust welcomed), operating and procuring under an LLC (advice welcomed on what type is best), reserves for repairs and vacancy, getting a home inspection on the current residence  ahead of time to prevent unexpected repairs within reason/ or knowing what systems will be first priority replacement, each property having its own bank account, landlord home insurance, and talking to our CPA about what to expect on our taxes.

The 5 years is just the loan period you use with your investor to procure the $30k, assuming you use investor money. 

And yes, you can self-manage the entire thing including repairs, rehab and maintenance if you have the skills and tools (or are willing to learn & procure).