Buying a property with an active underground oil tank and tenants

[Aathavan Raviraj]

Hi all,

Would really appreciate insight on how to manage a situation with an active underground oil tank (this is our first time purchase and looking to jump into the multi-family space).

- 3 Family home in NJ

- Underground Oil tank which is currently being used by the Owner and 1 other unit (other unit is vacant)

 - I'd like to make an offer on the condition the seller removes the oil tank to avoid the nightmare environmental stories I hear about

- How do I convert to Natural Gas and maintain hot water / heat for the existing tenant? Sounds like gas is far cheaper than oil as well!

Maybe I should offer over asking on the condition that the seller completes the full conversion to a new boiler system?

Any other advice, most appreciated!!

Thanks,

Ravi