I think it is smart to go into it knowing your areas that you need help with. 

Basically running their books all wrong trying to show no income thinking that it is a smart thing for some reason.  

Don't skimp on good glass.

Although you say they are tech illiterate, I'm going to assume they have a smart phone (that's all they make these days right???).

etc.In fact, some smart broker beat me to this strategy:Can My Realtor Buy My House If It Doesn't Sell?

The setup was smart.

I know it's smart to calculate property management but i'm going to manage myself.  

First, I hope you are being smart and following fair housing practices in advertisements and such.  

Smart people don’t just blindly give away their money.99.9% of unsuccessful real estate investors approach family, friends and others and say “hey, will you give me $20,000 so I can invest in real estate.”

Have fun - don't take yourself too seriouslylearn the pleasures of COLD CALLING sellersread financial newspapers - look for auctions - law suits -failure to pay taxes notices and business opportunitiesSearch tax sales - attend tax auctions - read probate adssit in court - listen to cases - find motivated sellerscreate a Fiduciary Buyers Broker agreement with smart agents - pay them for non-listed real estate.don't waste your time with non-responsive agents - brokers - lenders or sellersbe demanding - get answers - don't be passive - at our age (I am 75) we don't have time to waste!