The low priced properties in my area need a ton of work, they have water damage, mold, bad septic systems, failed roofs, underground oil tanks, etc.

Of course, there are exceptions, for example if you have LP gas or fuel oil from an on-site storage tank.

Those 100 yr old homes in that area have plenty of unique features, as many of them were built to house families who worked for standard oil(Rockefeller Company), or a few other historic companies.

Then compare what Gerald and others paid for the sameThen compare this with industry standards That for me are really not known and snake oil like

As a brit I did consider Orlando, but decided against it as there is so much competition from other indiv, companies not too mention the hotels, when I decided to go to Siesta Key one year for 3 weeks in Dec(not over xmas and the oil spill had happened) it was near on impossible to get a place, so this is what swung it for me.....high demand low supply, 2nd year I owned, SK was name number 1 beach in the USA, ever since near on 100% occupancy, downside is I can't use it myself, but I've got a great neighbour who lives in Nantucket who lets me stay at there's for free if I wann come over as they have their boat in my yard....trade off!!

With the profit I make from my rented out home, i plan on slamming it on the new home, and 6k-8k more a month towards the principle from my career's income (oil field related) and pay the next house off within 5 years.

With the drop in oil prices I am no longer in buyers mode, but am in fixing up major projects, like roofs, and paying off some short term debt used to help buy last year. 

It has a steam boiler fueled by oil.

Either by;  buy and flip or buy and hold properties. i am not looking to reap the rewards for at least 10 years.( i am 29 now). my location is in Bakersfield Ca. i currently work on a land based oil rig. i have a construction background and there is nothing i cant fix/build myself when it comes to rehabing a house. i am open to all sorts of ideas so i can then narrow down my path of action. in your guys experiences what would be my best bet. any advice / input would be greatly appreciated. i just dont want to get discouraged, go out and buy a boat or something and then regret not seizing this opportunity when i had the chance.

It's almost as good as oil based Killz, but without the mess.