Electrical code doesn't allow you to change breakers willy-nilly to thwart a tenant's use of the electrical system.  

Being that the tenant(s) lived there for a few years, you will have to expect some wear and tear such as needing to paint the walls, clean carpets (or possibly replace them depending on age), etc.

The GC I had look at the house said the cast iron pipes of this age have lots of problems and I should fix this.

What is the age of the property? 

Cody...I'm going to get some flack for this, I'm sure, but I'll say it anyway...1) Read the book 'Rich Dad Poor Dad'...it will put things into perspective and you will start to question if you are working for money or if money is working for you...oh; and about that education...it is great that you are getting your education...I got mine also (MBA), but the degree won't do much for you in real estate, although it can help you to have a better understanding of finance.2) You are contributing to a 401k for retirement in a job you don't intend to keep...although you are probably getting a nice contribution from your employer and you are saving tax free, you are also freezing money in a device you can't touch until you reach retirement age, or else you get heavily penalized.

My question to the BP family is for someone who wants to stop the 9-5 at an early age and start making REI a full time career (eventually becoming passive) what is the best way to start off.

I have come across a few properties that might be good for seniors aged 65+, but I am unsure how to find buyers for these properties.

The majority of Housing in this town was built in early 1900s so the age of the houses is very old but the rent to purchase ratio is great.

I also don't allow subleasing, anyone over the age of 18 must be on the lease and pass my screening criteria.

Of course,  my workers comp insurance company dropped my company like a hot potato and every other company wanted 40% of my gross payroll to insure me.While the worker comp claims were no big deal, three of my ex-employees who filed worker comp claims also filed Civil Lawsuits claiming my company owed them for overtime and they claimed my company did not give them a 10-minute break every 4 hours, did not give them an uninterrupted lunch break after working 5 hours, did not give them proper Wage Earning Statements and their termination of employment was based on age discrimination and other types of discrimination.