Also, it has been great having feet on the ground out there, who help me keep up with the market trends, and possible investment options.

Do you walk the grounds fairly often or just a inspection every now and then?

Pretty much in the "learning" phase aka waiting to save up enough for my first down payment on an investment property (Just a few months away!).

I am in the reading and learning phase of buying real estate and looking to learn a lot and take action in about 5 months.If you have questions feel free to message me...because I'm sure I'll be back with questions.

Don't skimp on the education phase.

He actually just finished building a house from the ground up all himself for my sister to live in for about half of what it ended up appraised at.

IF (big IF) the boxes holding the 2-prong outlets are metal, AND the lines coming into the boxes are BX (metal shielded) you should be able to ground right to the box, and change the outlets to 3-prong (with ground).  

I used to shy away from this kind of thing, finding documents, taxes, etc but this doesn't phase me at all

It was priced right too and my client hit the ground running on rehabbing it for a rental once they closed.

Also, you mention property risk - this one's raised about 6-8 feet from ground which is good.