Another concern is the age and health of the elderly family member contemplating this action.  

The tenant will need to decide if he can live in the unit or not, taking into consideration his unique health needs.

my mentality changed completely. 

It pushes a person both physically and mentally to their breaking point.

Hello everyone!!! My name is Juan and i am brand new to the bigger pockets community. I am newbie to the real estate game, but will be closing on my first 4 family unit November 25. The property is in Rhode Island an...

Getting the key doesn't really matter, since you will be changing the locks, but is good to do for psychological reasons, as it will be a defining moment for her to release her mental hold on the unit that was once her home.  

Yes, multiple issues.The idea is to identify property owners with "perfect storm" situations comprising foreclosure, property tax, as well as other financial issues and potentially health, family and/or legal pressures. 

It sounds like you have already been planning (mentally and financially) to start investing, so my advice would be to go for it. 

If you can set up the win-win mentality then both of you can benefit from the relationship for years to come.

A three layer roof and knob and tube wiring are both major health and safety concerns, and indicate the the house was either not professionally renovated or inadequately renovated.