Gas or electric would be a much better option, safety wise, from a house fire standpoint, CO danger, or danger to children or pets from the open flames. 

It would be wise to rectify it before transfer of title so your starting off clean and hopefully won't have any issues when you go to sell down the road. 

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

I think it might be wise to get a partner for your first deal. 

The days of cash flowing and not leaving any money in the deal is gone(unless it's a unicorn). 

I lost another $1000 in inspection fees but should get back $2000 earnest money deposit.

When all the dust settles, and the  person searching is tired and discouraged and gives up, Jerry may not have bought  a single lot, but he's made some money from the training he sold you, which was his main goal from the beginning!

It seems there are plenty of ways to be penny-wise and pound-foolish. 

Might have a tenant that will sign a ten year lease and drop some money into the space.

@Olivia Blake how much money will you potentially lose by strong-arming a tenant and then having them break the lease early - or even just not renew?