HahaYea, I definitely seem like I know a lot, but keep in mind I'm only 15, and that a great man named @Joshua Dorkin made this whole interaction and a huge component of my learning even possible on this site.

Define your Vision: What is your overall vision from being a landlord (i.e. one time thing or have XX# of properties that generate enough income so that you can quit your day job and work on things you like) Once you have your vision.

The single most under-appreciated component in most RE investor's portfolio.Extremely passive.  

2 - add components to meet your long term goals.

You need to define based on negotiating and this seller what kind of buyer the end purchaser is.1.

Get 5 to 10 like minded people together pool your money and write the agreement (you are a lawyer) that will define the relationship and the ownership of the acquired property.

As you say, I have to define a few things.

My examples above are the exception to the rule.If you're dealing with inexperienced investors who don't know what they need done and are looking to you to help them define the scope of their renovation, then you're playing a different role than contractor -- you've now become their designer and their investing consultant.

As for being an old fart, age doesnt change or define a person unless they let it.I am hoping to buy and hold; owning free and clear a handful of properties by 40.

TIME being the key component to strike a deal.Why did she say she was selling??