I don't really understand the strategy of getting a property under contract and ignoring obvious problems or components that are at the end of their lifespan.

Probably discovered that you can't delete your own posts either:)

I've discovered several local REIAs via meetup.com, including http://reiadfw.com/.  

Discover the seller's reason for selling (probably obvious at 80), the numbers on the property and any work needed.  

Discovered Bigger Pockets podcast about 2 weeks ago and am hooked. 

Some life insurance policies have an investment component to them.

In San Francisco and the entire Bay Area basically, the prices of homes have gone up so much, which is why I discovered this site, to learn special skills, strategies or methods to start investing in RE with low income...if that is possible. 

There's a lot that you need to discover before you narrow down the best options for purchasing.  

Our Puget sound RE prices are a small fraction of California's and they've discovered that opening a branch office, conducting everything online, gives them a way to hire good workers and let them enjoy a high quality of life for less than half the housing costs of CA.

Good place to start, give your self a few years to learn and you will discover you can manage it all yourself.