Doing our first flip in Scottsdale Arizona and the neighborhood is a mix of the residents that are not quite senior citizen but near or at retirement age and families with teenage to older children.

I had looked through other forum posts to see if anything related to the question I had and didn't really find anything, so I posted my own question. 

if you're gonna pay them something have an attorney write up a formal "release"it will say that you are not admitting fault and they can never hold you responsible again for these problems or any other problems related to this property.negotiate them down as much as possible because if you messed up at all on the sellers disclosure you could get hammered, and nobody wants to go to court over a few bucks anyway.the release will protect you against any future claims!

I started in real estate when I was your age 27 and I found a mentor that was a land guy with no real estate licence.

With your better qualified leads, if you can't reach the owner, try to contact close relatives.  

If this is one time income which they deduct from your income they can add back all the expenses which is related to that property depend on the lender but you can always ask for exception.

I answer a lot of questions related to commercial on this site.

Sounds like you may have found a Gem among the rubble. one point of Info: In Texas most Title Companies will not recognize a "Quit Claim" Deed, except on occasion from one relative to another. 

Wanted to get your take and experience on the pros and cons in accomplishing this with two kids under the age of 3? 

Having cancer and pay rent late should not be related.