Brian Hoyt The old school oil Kilz is good stuff.

You will get oil stains here and there over time.

Much faster in my opinion.If the wallpaper is in good condition and not peeling, you can alos paint over it with an oil based paint.

Repairs do not have to recapture when you sell the house too.)UtilitiesPre rental expenses ( expenses incurred before finding a tenant )If you use your Car: This can include- oil changes, Maintenance, gas, repairs, parking, tolls, and depreciation.

I don't expect any major improvements for another 4 years unless oil production drops in the middle east from war or OPEC.Parts of Wyoming will have bad price drops, like Gillette. 

@Jen H.I have had luck putting oil primer on wall paper, followed with latex paint. 

But in terms of market timing the fact that Bakersfield is dependent on oil and ag could make this a great opportunity.  

@Patrick Martone-- Check out Telecom Site Acq, check out large scale PV Development and/or be an Oil & Gas landman for a while. 

The single most important feature has to be a trunk big enough so it can hold the cardboard you'll put under your car so the oil doesn't drip on the driveway.

You can use a gallon of oil-based primer (Kilz Original) and a 2-inch chip brush to spot prime each of those areas.