From what I've seen of old redwood lumber it gets very light weight- like balsa wood.

Once I made note of how much it would cost to run the properties properly, and that the seller's terms are high, the third party told me that the seller would now be willing to throw in the third property for the price of the two I was analyzing.Great, already showing some eagerness to drop his properties (same owner for over 20 years and definitely not maintaining)They asked me to start with a letter of intent to see where I'm at for terms, and we can work from there, he said the seller may agree to 850k-950k (which I still don't think it's worth it, unless if it was maybe south beach and rents were 2200-2500!)

I would verify the local county/state laws on the proper notice and move forward with your notice to provide the option to replace the tenants.  

Give them proper notice and go take a look at the place, make sure everything is as it should be.What makes you think it's an assisted living place?

However, my height is 5'1" and my weight is 110 pounds.

It's all fixable. the floor is bad in a few places... that wall in the kitchen must have had a leak for MANY years because the 2 "sistered" joists in the basement have sheared off where they meet the concrete foundation. can you imagine rotting and shearing off a 2x4 standing on the short end just by pure weight overtime?

I don't know enough about the deal or the borrower to give proper advice.  

You do need a proper license, which costs $50 per unit rented.

. - "No need to ensure proper safeguarding of SSN". 

Good rentals will bring money in without demanding a lot of your time provided you pick carefully and manage them properly.