Scott Trench writes about this in "Set For Life" and I believe he had eight apartments and the rent income paid for those investments plus most of his single-family home that he moved into.If I were single or without children, I would use this technique even as a 50-year-old.

I believe it helped separate me from other buyers as the seller stated that it was definitely a very unique technique.

The topic this month is the Smith Maneuver, which is advanced investing techniques. 

@Joe Jensen I might know a lender....but first check out this article that I wrote for Bigger Pockets HERE on the delayed financing technique and trying to get cash out of the property. 

I recommend buying that package to ensure you have a solid lease that matches the techniques taught on BP.My favorite book is "Every Landlord's Legal Guide" by NOLO.

Also, what techniques would you use to see if the flip was actually done properly and professionally and that corners were not cut that can be costly in the future?  

I see a lot of different sales techniques and most hold some merit.

I see a lot of different sales techniques and most hold some merit.

It's difficult to create cashflow in Los Angeles without employing some "advanced" techniques, like negotiating tenant buy-outs and renovating.

If he has been doing it his way for almost 50 years there is a good chance he isn’t going to was to hear it frankly.That said, if you play along, even if you can’t use subtle techniques to move things along, you may win his trust and be given some buildings to manage- after which you can slowly change things.Above all else enjoy your time with him.