Exhibit (a)(3)


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October 17, 2005

TO:         SHAREHOLDERS OF BELLAVISTA CAPITAL, INC.

SUBJECT:    OFFER TO PURCHASE SHARES FOR $2.25 IN CASH

Dear Fellow Shareholder:

As  described  in  the  enclosed  Offer  to  Purchase  and  related  Letters  of
Transmittal   (the  "Offer")  the   Purchasers   named  in  the  attached  Offer
(collectively  the "Purchasers") are offering to purchase up to 1,000,000 Shares
of common stock (the "Shares") in BELLAVISTA CAPITAL, INC. (the "BellaVista") at
a purchase price equal to:

                                 $2.25 per Share

You may wish to consider the  following  information  when making your  decision
whether to tender your Shares:

      o     BellaVista has decided to cancel all share  redemptions for at least
            three years.

      o     BellaVista  has decided to cancel all  dividends  for at least three
            years.

      o     Bellavista  has  decided to  restructure  its goals,  employ new and
            unproven investment strategies,  and attempt to grow the company; as
            a result,  shareholders will not receive any income and will have to
            wait to see what  these  new  plans  do for  shareholder  value,  if
            anything.

      o     You are unlikely to have any other liquidity  options anytime in the
            next three years (outside tender offers or private sales).

      o     You can avoid proration, selling your Shares only if we purchase all
            of  them  by  checking  the  "All  or  None"  box on the  Letter  of
            Transmittal.

      o     The Offer will provide you with an  opportunity to liquidate all, or
            a portion of, your investment in BELLAVISTA  CAPITAL,  INC.  without
            the usual transaction costs associated with market sales.

After carefully  reading the enclosed Offer, if you elect to tender your Shares,
mail (using the enclosed  pre-addressed,  postage  paid  envelope) or fax a duly
completed and executed copy of the Letter of Transmittal (printed on blue paper)
and change of address forms,  and any other documents  required by the Letter of
Transmittal, to the Depositary for the Offer at:

                        MacKenzie Patterson Fuller, Inc.
                               1640 School Street
                            Moraga, California 94556
                            Facsimile: (925) 631-9119

If you have any  questions or need  assistance,  please call the  Depository  at
800-854-8357.

This Offer expires (unless extended) November 28, 2005.


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