I would not exactly call it efficient because  taxes, and a 10 percent early distribution penalty will apply if the account holder is under age 59 1/2. 

I have been interested in real estate since age 18. 

I’m not sure if this has been asked before but what advise would you give someone who is my age?

I suppose this could happen with any seller regardless but I am also concerned given his age and ill health, what if at the time of purchase his interest in in probate or held by surviving family? 

I guess I am showing my age.. never heard of that one.

Plus, depending on its age, it may have asbestos, etc that needs to be remediated.Local or state may be easier...

Agents love to bash Zillow because it threatens the 5 - 6% commission that was justifiable only  prior to the internet age.

Trying to measure risk relative to the time / money to be invested. 

I am concerned that because of my age and lack of money I will not be taken seriously by banks when trying to secure a mortgage.

At age 5 you should be sending your daughter off to school.