Dip tube on the water heater.

It should give you some of the things you will be looking at in the Homeowners Insurance process:..I can give you some general info on insuring the property: Here are some things to look for from an Insurance prospective: Any in-ground tanks (active or inactive)Any Knob & Tube or Aluminum WiringIf built before 1978, does the building have Lead Safe certificationsAny wood stoves or secondary heating units.

Is the wiring knob and tube?

Scott's The Book on Flipping Houses, the positively portrayed in that book and in the you tube videos is what drew me to BP. 

Through the program, the insulation is 90% off, and then I can take an additional $750 off for a knob / tube inspection.

They have changed most of the electrical, there still is a little knob and tube left that they will probably have to fix before lender will loan us the money probably if we decide to buy this.

Also, don't forget you tube as the videos that walk you through some of what you hear are useful as well.

I'm going to start a You tube channel.

Electrical - I doubt it's up to current code, but if it's knob and tube and you have to rerun any electrical it could get expensive.  

Where I'm located the housing stock is predominantly quads and smaller... and its almost all converted SFH that are 100+ years old to boot (translated = rotted sewer lines, knob & tube electric, lead paint, asbestos siding & pipe wrap)... all the things that say OPPORTUNITY... and I've been missing it for over a year!