There is/are a total of 2 occupant(s) residing in the residence premises (inaccurate, we don’t know how many renters we will have, likely more, it is a 3-bedroom).The age of the oldest resident is ...

I had someone in the youthful age bracket ask if I changed the lightbulbs.

When I had it serviced last spring, the tech said with the age of the units it could go out at any time or last another 10 years. lol  I made the decision this morning after reading all the comments and sent my son to re-set the thermostat back to 72 degrees and put the lock box back on it.  

Being that the tenant(s) lived there for a few years, you will have to expect some wear and tear such as needing to paint the walls, clean carpets (or possibly replace them depending on age), etc.

The GC I had look at the house said the cast iron pipes of this age have lots of problems and I should fix this.

What is the age of the property? 

Cody...I'm going to get some flack for this, I'm sure, but I'll say it anyway...1) Read the book 'Rich Dad Poor Dad'...it will put things into perspective and you will start to question if you are working for money or if money is working for you...oh; and about that education...it is great that you are getting your education...I got mine also (MBA), but the degree won't do much for you in real estate, although it can help you to have a better understanding of finance.2) You are contributing to a 401k for retirement in a job you don't intend to keep...although you are probably getting a nice contribution from your employer and you are saving tax free, you are also freezing money in a device you can't touch until you reach retirement age, or else you get heavily penalized.

My question to the BP family is for someone who wants to stop the 9-5 at an early age and start making REI a full time career (eventually becoming passive) what is the best way to start off.

I have come across a few properties that might be good for seniors aged 65+, but I am unsure how to find buyers for these properties.

I will tell you I am anti-big bank.