Please note I'm an elder law attorney in Pennsylvania, (feel free to google my firm to confirm - and each state's interpretations of the federal rules are different.

Is there any concerns to renting to an elderly person that I should be aware of?

Four unit property, with one unit housing an elderly hoarder with a bad back.His official lease has been done for more than a year, so he's been month-to-month for more than a year now.The trash pile in his unit makes the halls smell bad, and we need to get in there and renovate the unit.

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@Victor So, you may want to consult with an Elder Law attorney, a CPA, and lender to navigate potential risks like: non-assumable mortgage (POA might be a workaround?)

The story I have and it may not be the truth, is that they are squatters and they did not have permission from anyone to live there, but the previous landlord was elderly and he never pursued getting them out.

Find out what services are offered in the community for disabled elderly folks. 

Landlord was elderly and ready to cash out.How did you finance this deal?

lol) , but also worried because after a day all windows open, the smell would not go.I was later told that many elderly asians use mothballs in their luggage at home, and when they forget to remove them from the luggage they travel...

If they are elderly or disabled you may be required to give more notice.