They know that most of the large items will have lifetimes in excess of 10 years. 

I would also need a Plummer for the full bath conversion.

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Do a regular follow up with the tenant - may be conference call with owner and tenant once a yearIs it fair to ask these items added to agreement?

Some investors will pay $475,000, in auction the wholesalers will try to snatch it for $430,000 (There are all sort of reasons why this happens, maybe it was the last item at the auction and people used cash and bought other items, maybe somebody was a second too late and the auctioneer didnt get their bid - in NY the auction goes SUPER fast) so they buy it for $430,000 and give a check or cash for $43,000 (now they have contract) they reach out to everybody and offer the property for $450,000 so to the investor paying $475,000 $450,000 is a great deal. 

The old lady is a emotional item.

Couple of thoughts:I recommend re-framing the conversation: Can this partnership and property be appropriately profitable? 

Add this as an item to check during our regular inspection routine2.

Learn about the Roth IRA conversion ladder.

When it comes to investing ones equity nest egg or retirement savings people often want to be able to look the sponsor in the eyes, have a conversation and get their read.