An additional benefit of purchasing an older building is providing an option for converting the building to a Single Family.  

In addition, you can always look to Lease Option a property FROM the owner, and Lease Option the same property to your Tenant Buyer.

Was really only looking for additional information that some of these senior landlords may have gathered throughout their years. 

I would guess that the number of properties that are owned free and clear that don't need the money immediately may even shrink that pool even further.What if your seller had the ability to sell his/her note for cash at a discount after approx 6 months? 

In addition to the podcast, blogs, and forums, I found the BP books to be super helpful and easy to digest: http://biggerpockets.com/books and there's also a free intro video course that has a lot of the same material as the Book on Rental Property Investing: https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing

He estimates to spend an additional $58k over the next 10 years for maintenance and capital improvements. 

Are you in need of a boost to help give you additional means to pay your car bill, education loans, credit card debt, etc.?

That being said for the size of house your talking about it seems high.As a contractor, when i see stucco that has enough damage that needs sand blasted off i would suspect additional problems.  

If you don't do this, you are essentially giving the buyer a discount on the sales price.

Welcome to the site Account Closed stated in addition to that there's crowdfunding(where you can own a slice of a deal).