A huge oil deposit was discovered nearby.  

Yes, call the town and utility company for water/electric/gas/oil.

I have not got into investing yet although I am serious, I've read many books , listen to audio tapes every day in the car, watch those corny "flip that house" shows.I am 20 years old just starting to build credit, By next spring at this time I will have made 110K Gross, hoping to save a nice big chunk for a downpayment..My dilemma is, I live in Edmonton Alberta , houses are at insane rate because of the oil boom , houses are going for 300k+ , As a first time home buyer I just think this is just to big of a step...

Becuase it is oil based is stays for about 7 day and while sleeping on the ground it will make you eyes and skin itch.

The buyers called an inspector that found an oil tank.

Newbies can learn some information from these events and it may even motivate them, but you must be strong and say NO to their well oiled sales pitch if you want to keep your costs down.  

It sure seems like without research a really good looking deal can be a lemon.

Turnkey company gets to keep managing it, overcharging your for repairs and then after you discover the house is a lemon in the ghetto with constant vacancy and payment issues... they get to buy it back from you at a discount to sell it to the next sucker/"investor".

Easements for oil and gas companies.5.

Total rent $3500/month.165,000 purchase price, 5% down with a 30yr MassHousing conventional mortgage.Taxes: $3850PMI: $828/yrInsurance: $2400Electric: ~$1,560Heat (oil): $6,600 (by far the biggest expense, the utilities aren't separate, there's only one thermostat/heating system for the whole house).Vacancy: $2000/$2500Rent is $2000 for the top unit, and an additional $500 if we rented a bedroom out in our unit.$8,250 down$4500 closing costs(~$7,800 for 6 months reserves required by MassHousing)Is this property worth it?