If you are feeling you would be comfortable with it, then I suggest consulting a CPA or attorney (probably at CT one) and inquiring about gifting the property while your mother is still alive or making yourself part of its ownership.  

I like to think ahead so my question is what is the easiest tenant target audience I guess you could say.

@Nick Schulze the VA guidelines specifically state that "gift funds" must originate from a blood relative (father, son, etc) or a spouse.  

The bottom third of that InterNACHI link explains how you can improve safety by adding GFCIs upstream (albeit with the "no equipment ground" sticker).All that being said, if you are renovating this house, why not have your electrician fish some new wire and replace a couple of the circuits with modern Romex in places where it is easiest?

I am very interested in purchasing his property as a rental to start my foray into real estate investment.My understanding is that he can gift me the equity in an agreement and the bank should take this existing equity as a "down payment" towards the 20%.

If I give someone my time, I think of it as a gift that I will get nothing in return.

Its the hardest, but its the easiest.

You can re-invest your dividends into the companies that produced them (easiest) or re-invest into other assets.  

Gave them a gift card for $500 for a television, hired them a moving service for $250, told them leave the junk in the yard and attic, I'll take care of it, and wished them well.

However, they don't want to incur any additional taxes and thus could only offer $14k/each this year under the Gift Tax exemption rules.