However, for people such as myself and my neighbor, an elderly, retired woman living in a low-income neighborhood, we would be depleting capital otherwise used to support our living expenses.Has anyone in the BiggerPockets forum faced similar situations in the past? 

I'm not a woman, nor do I identify as one, but here's a suggestion.

There was also a 90-year-old woman living in one unit paying ~ $700 / mo in rent, and I didn't love the business model of ... you know ... waiting for her to go.

Rented tiny (520) sf. place to a woman my age who I really liked.  

and I dont have a day job, but ever since I hired a property manager to devote my time to this, I have too much time , so I actually have been applying for jobs, but theres a reason I dont have a day job, I am a felon, just about makes my degree useless :/ but I am humble, I might not be able to get the 60-80k salary job and might have to take a lower level job, Ive never had a job job like that, so I think it will be a fun experience, have co workers, work friends, maybe find a good woman.

http://www.biggerpockets.com/renewsblog/2013/12/19/bp-podcast-049-tax-tips-amanda-han/http://www.biggerpockets.com/renewsblog/2013/08/15/wholesaling-business-lamar-cannon/http://www.biggerpockets.com/renewsblog/2013/09/26/lifestyle-investing-podcast-aaron-mazzrillo/http://www.biggerpockets.com/renewsblog/2013/10/31/wholesaling-podcast-mike-nelson/http://www.biggerpockets.com/renewsblog/2013/04/04/wholesaling-podcast/http://www.biggerpockets.com/renewsblog/2013/01/24/subject-to-direct-mail-woman-investing-podcast/

I even got a call from one of the owners, I forgot her name, but there's a man and a woman that are co-owners, she didn't know I knew she was the owner, but I recognized her voice from a you-tube Q&A.

She held a full time job and raised two INFANTS when my philandering father left her for another woman!

A woman in her 70s lives in a home and has no children and is a hoarder. 

We're buying a home from a woman in Ch 13.