One of my concerns was the heating oil currently in the tank.

It is useless.The 70% rule, or ANY generalization rule will not tell you how much rehab it needs, what location it is in, how long that buried oil tank has been leaking... undersgroundNOI said NO!

Heres the challenge: Presently 2 oil tanks there.

I will share it with , but please don’t tell anybody ...Anyway, he says in Iraq  prices are really low now, and cash flow is high... economy is improving plus they have oil= he says it will be next Saudi Arabia...He is selling few of his Phoenix properties and wants to invest a million dollars over there... he is open  for partnerships ...If u are interested, let me know I will tell him :)

One of the documents is a lease from 10 years ago to a statewide oil company. 

Kilz original oil based?

Do your best to ascertain whether or not there is an oil tank, lead paint, asbestos, or other potential contaminants that can become personal liability even if the property is held in an LLC.

shave in the mirror, take out blade, put in slot.  

We typically see about $1,000 shaved off of our taxes owed on our 9 properties each year and that is with us splitting the savings with the company that protests for us.

The SFR is on oil heat, the tenant pays, so it's hard for me to figure out.