Some sellers just pass on these hot potatoes, having milked the property by keeping all the rents and not plowing much back into it...Then the exit strategy is to sell to someone who may not recognize all the deferred capital expenses.Some ideas for avoiding the hot potatoes (where everything is at or near the end of its useful like) might be looking at age (but it sounds like most listings are a bit older), so you might only look at those properties with updated major systems and components (HVAC, plumbing, roof, windows, insulation etc). 

We are aware of the lead paint issues that come with a home of this age, but planned on handling it ourselves.  

Lucky for us, we aren't in California or one of the other anti-landlord states. 

Also, my parents are reaching retirement age and don't have much savings built up.

Out of all my friends in my age group(34) I would estimate that we are slightly above average here in the Midwest.  

Our aging population, natural deaths, suicides and homicides have resulted in more deaths than ever of residents.

In the past, I have invested in age 10 years or newer single family homes in Boise, ID.

Age Income Demographic Make sure you define exactly who you are going afterThen make sure you know where your target is?

I very much enjoy teaching, but after teaching for 19 years, I'm not sure if I'll make it to my full retirement age of 67!  

You see anyone at any level, stage or age in life can be susceptible to being RIPPED OFF!