Since you're also interested in investing I'd look at things like % of rentals and vacancy rates (if you'received thinking buy and hold), DOM and % of list as well as % of expireds (if you're thinking flips), as well as economic factors (major employers, age brackets in neighbors) and level of stability there, quality of school system (include charter and privates, if applicable), and walkability of neighborhoods.

Not only meet but see what they do and how they do it, check out the city, learn about the local history and economic conditions.

Second, depending on your friends health and your state's Estate Recovery laws, the power of attorney can put your name as joint owner on the property with rights of survivorship.

I used to get a monthly newsletter from a Robert Campbell about the economics of real estate .

I work at a youth camp and I make a low income, but housing, health insurance,and other benefits make up for the low income.  

Obviously if you end up having to move 50+ miles for work or some health/family situation there are exceptions, just don't plan on refinancing then moving out the next week.

If there have been no upgrades for 10 years....carpets, paint, health and safety upgrades etc.Are all the units separately metered for utilities?  

This ruins the economics of many deals.  

I am actually getting ready to record an educational piece on this and will have it on YouTube soon but until then here are the factors that are considered.  1.Age of the property2.Demographic location and crime statistics3.Average household income4.Geographic and economic growth projections5.Annual appreciation forecast 6.Monthly Rental income7.AmenitiesAnd here is a break down based on the Texas market. 

I spoke with the inspector and was told the fire damage is extensive and the building is unstable and considered a health and safety hazard to public.