Fellow investor upgraded the kitchen for an elderly tenant he inherited.

We are not selling any time soon, so falling prices, foreclosures, vacant homes, etc. for the city-at-large are not a huge concern.Diversification1.Not in the Pacific NW.2.Not in an economy largely driven by Nike or Intel.Other1.SFR.2.Within the US.3.Not primarily a college rental or specialty rental (section 8, elderly, etc.).4.Non-offensive political views of the state?

@Bart Elder, I am with you.

Many jurisdictions have tax exemptions for elderly and or disabled property owners.

True birddogs are people like your mailman, your kids bus driver, your elderly aunt Ethel who tells you about all her friends who talked about people that died at bridge club this month.You give these people a small token to thank them for pointing you in the right direction (which you then did the work) and to encourage them to do it again.If the person is actively marketing for deals and interacting with the sellers (if they are not already a personal acquaintance) then they should be getting it under contract and wholesaling it.A lot of people will say they are birddogs but are really in some nebulous area inbetween these 2 situations where they are trying to be either unlicensed agents or lazy wholesalers.The former will maybe find a warm lead then negotiate on your behalf with the seller or the sellers behalf with you and then have you directly sign all the contracts and get a fee or percentage of the price for their efforts.

@Karen Margrave I am not an expert and am very new to investing, but I am currently under contract on a MF property that was used for that very purpose (more for people out of jobs being supported by their local church and the elderly), but the same premise.

Most states and just about all counties & cities feature their own incentives that are generally tiered to assorted tax consequences---essentially obviating, or appreciably reducing the impacts of whatever debt's used to purchase and operate real estate benefiting particular demographic occupancies. a few of the lead affinity groups are disabled, elderly, economically disadvantaged, ethnic minority women and home based enterprise operator/owners---along with honorably discharged military veterans. other private charities sponsor trillions of dollars in incentives for parallel use & occupancies. interacting with their funding channels can be tremendously enriching.

The owner lives a few hours away, he is elderly and sounds wanting out of real estate. 

I realize that I will be mailing to the elderly person, not the grown children, who may end up  being the people help make these decisions.I'm just thinking that these older people, will likely soon be moving in with kids, or elderly care homes, or even passing away...Thoughts? 

-FSBO priced at $80K (free and clear)-Owner is an elderly man who purchased the lot for $60K nearly 20 years ago through a foreclosure sale.