Does owning one of these mean I'm the one doing the personal care?

There are two businesses stacked on one house. One owns the building, one holds the license and employs the caregivers. You can do both or you can do one.

If you do both, your Tuesday is a schedule with a hole in it because someone's kid got sick, a family asking why mom's laundry came back with someone else's shirt in it, and a state surveyor who might walk in unannounced. You don't personally bathe residents unless you're short staffed, and you will be short staffed at some point.

If you only own the building, your Tuesday is a rent check. The catch is the license usually sits with the operator, not the address, so if they leave you own an empty licensed-looking house that legally can't hold residents until someone new gets approved. That's the part to sort out before you buy.

One thing to expect on the money side. Lenders look at these as a business with real estate attached, so they'll ask for the operator's experience, the census history and the license status, and the loan terms tend to reflect that rather than looking like a house loan. Whether a given lender will do it at all, and on what terms, is something to get in writing before you spend money on inspections.

The middle path people don't mention much is working for one for six months. Weekend shifts, or the admin side. It costs you time instead of 400k and you'll know by week three whether the care business is something you can stand. I did something similar in a different corner of the industry and it saved me from buying into a thing I would have hated.