We'll cut to the chase, here's our dirt.The Facts: Ages 51/44, Married, w/10 yr. old childOne steady income 45KOne low income & fluctuating (self employed only 2 years but growing slowly)Living/ renting in NJ (Very expensive market, 2 family units sell over 500K)Fair amount of debt 37K (Car loan, 2 CC, Medical bills)Just getting by each monthCombined 401K's =  150KMy 401 (100K) can be transferred with no penalty to a self directed IRA (I had opened up last year in hopes of using some cash to invest in RE) We are determined to get into REI however we're probably going to need some creative ways to do it with our current situation.

I have a auto body shop that is located in a D class residential area, it was own by my grandfather, he is getting up in age and he is passing it to me. he hasn't done body work in years, he just have been renting the place out to some guys he know for like $220 a month. the utility are still in his name also. my whole idea is to come in, change things around, do the proper things, have a actually lease agreement written out for the tenants, with the new rate increase and rules, there wont be anymore of the late rent payments, there will be a late penalty, the utility will be in the tenants names,I plan to put a security system on the property, I'm new to all of this , its my first property I'm open to advice, suggestions, ideas on what I should do.

I have attempted to do so, but it can be difficult once I tell someone my age! 

That is a sub-optimal decision based on your age, income (my assumption based off your age), investment time horizon and needs (again, my assumption). 

Well Don’t be hard on yourself you are getting a lot done at your age .

Doing what’s been described will not maintain the aging on the original invoice though.

You’ll need to sign and have the tenant sign an EPA form that states you don’t know if there is lead (unless you test, you don’t know, even if you’re pretty sure based on the age) and provide a pamphlet about lead in your home.

She was in the wrong of coarse but why on earth would you rent out something like this with aged historic wood that you deeply cared about .

And as people live longer, there will be more homes that have aged and need rehabbing.

I've always wanted to get a head start in life at a rather young age and i believe investing in real estate could be my ticket down that path.