There are some very very narrow exceptions to this including medical or job transfer.  

Deciding how much savings you need is the other key component, and arguably more important Ideally, you'll want to have enough available to cover medical events, long term care etc..

@Royce Talbo, et al,Remember to take into account the time value of money.Inflation means costs go up while the purchasing power of each dollar goes down.You also mentioned (medical) insurance.

This is a  "Subject-to" transaction, hopefully using two notes.A seller is willing to take I/O for 20 years is probably 1 in a thousand and they will be taxed just as Greg is, make that 1 in 10,000.I'd bet Greg doesn't mention the other issues with a Sub-to, foreclosure, Greg can only foreclose on his interest, that could be paid off, the note to the first seller is pretty worthless, that can end up going to the state in a medical issue, then there are risks of bankruptcy, law suits by other parties, collections and servicing, deed transfers, insurance, liens and the list goes on, which is why you should not do long term subject-to deals.      

I went to school full-time, worked in medicine (former medic) for 12$ an hour; while attending night-classes.

Since you plan to throw her out - see if you can help her move and find some place for her, Medical is very helpful for assisted living I believe - or perhaps get her family to do so, if she has family.I think someone else mentioned the 10:1 price rent ratio - I use this as a rule of thumb so the way it is now it doesnt work, but if you can improve the rents it will work. the price doesnt seem high for 1700 sf in LA.

Just like medical doctors, Sellers must see you as being professional, well-educated, acting in their “patient’s” best interest, and bound by a high code of ethics.The medical process is the same everywhere.

My first property was close to a new medical school in an area with a relative lack of housing, so I knew students would drive plenty of demand.  

We've built everything from SFR, medical office, office/retail condos, office parks, subdivision, etc. there, and still have family there. 

(very low crime rates vs. the surrounding area)Loma Linda is home to Loma Linda University, Loma Linda Medical Center (the best trauma center in the Inland Area) and a large Veterans Administration Hospital.