Ya I was gonna say...whisky and yoga.

We converted it to a rental property the next year after replacing the roof, converting the oil heat system to gas, and updating the electric system to the tune of $38,500 altogether.  

@Aaron Marshall In a 3 unit multifamily you'll have one roof, one common area, often one hot water heater/heating system reduced costs from visiting each unit more often.

Additional NON REFUNDABLE $400 pet entrance fee and additional monthly rent premium of $40.Smoking: All our units are nonsmoking and policies are strictly enforcedLease term is 1 month, auto-renewing, and monthly lease includes heat & hot water unless otherwise stated.2.

If you spend your savings on a property what happens if the heating system goes, or you need a roof etc.

I find it difficult to figure out how you did all of that for only 30k but you did save a lot on sweat equity. my experience is, even if you do the work yourself, you still need help.if you pulled a permit, which I'm sure you did, I'm surprised the village let you do all of the plumbing yourself. that's definitely needed by a licensed guy and registered by the health dept (even though plumbing isn't all that difficult to DIY).great to live in a flip; just would take a while before it's functional to live in but definitely attainable with heat and hitting the local health club to take a shower. :)maybe it took him 8 months from beginning to closing. if it was an 8 month rehab, he definitely spent more than $30k in labor & materials.

The one question I have is about the utilities and heat. 

@Jeff Fruhwirth   I am guessing no heat in Cheyenne in December is a major issue

As Account Closed suggested, you may be able to sub-meter much cheaper than running two lines from the street.Propane is expensive these days, I have heard of people around here (mn) having heat bills of $2k - $3k/winter for a normal size home - that's a LOT of money compared to the average of $600/winter on my properties.

a couple of box fans + 20x20 filters.... run continuously 1-2 days. dump the filters directly into a trash bag. replace and re-run.have the ac/heat ducts (if any) professionally cleaned... you don't want to breath the nasties again....also i would check for cold/humid sections of walls. also crumbly (drywall/plaster) around baseboards. if you have those, (respectfully sorry) you are in for a surprise if you open the walls.....now, what is the source of humidity?