I understand one way is utilizing depreciation to lower my active income's taxes, but when are people pulling out salaries to utilize in their non real estate life.  

The short answer is no,don't do it.You don't seem to be in the right mindset to become a member of my profession which is exactly what it is,a profession and not a hobby to pick up or put away at will.My profession requires lots of time devoted to learning both in and out of the classroom for at least 6 months to earn a license and the follow up sales training at the brokerage.It is not cheap either to get started with all the fees involved.From what you are describing about your personal life,family demands,and interests desired to pursue,I would concentrate on learning about investing in your spare time.Learn how to evaluate property for potential profits after repairs are done.Join an investment club and surround yourself with successful people who have already been through the process.Learn about hard money,gap funding,and what it takes to get the money you need when you need it.

I am new to rental property investing and I do see the age of properties ranging 7- 20. if the condition of the property good, would I be able to process to pursue 20 years old one as well?

If it is to be used as "residential" real estate then the life over which you depreciate it is 27.5 years. 

My lease agreement has a clause that, the tenant accept the house current as-if condition.

The move is in an effort to accelerate our ability to save capital (see Set for Life by Scott Trench) as we will be living with my parents rent free (we are currently renting for $2,000/mo in Orange).

Deals can be found in "No Interior Inspection" properties if I catch the occupant early on (like day-of-listing), but otherwise, our REO properties are bid up too high for the risk taken and condition. 

This provides me with real life investor relationship experience and a success track record.. check-I started what is now a worldwide podcast interviewing successful real estate investor and entrepreneurs.. this shortened the learning curve and provided me with insights from the best minds in the game.. check.

Here on BP you can do that by adding a picture to your avatar.Understand that beyond understanding the technicalities of rules and regulations, real estate is about market conditions and helping people to get to yes.Get to know your target market like no one else.Develop your ability to empathize what's going through a buyers head and a sellers head and figure out what you as a real estate agent can do to address concerns.Neither of these are limited by your age.Good luck!

They should have conveyed to you the conditions of the lease and that it remains in effect through the transfer of ownership.