I am currently working on a oil drilling rig (I am over hard labor) and want to take advantage of as many conventional loans as possible before I quit this fall.

I’m looking at a property that has the potential to be a decent cash-flowing place, but it’s currently way under market.The current rent between the 2 units is $1000/month with a market of $1100/month, and the owner currently pays for their heating oil, water, sewer and garbage.

In the past 8 years I have watched some of my friend and business associates learn the lesson first hand in these markets but each time I am still tempted to jump in.Its only over the past 3-4 months as some of the oil boom towns (Fort McMurray in particular) are seeing huge vacancies and property values decrease and unemployment jumps.

Currently it has oil furnace heated radiators, which by the looks of it is not functional. 3 questions:1 - Any thoughts on whether i should go with the streamlined product (35K max) or the standard?

Texas worries me bc of the recent oil news. any feed back would be great!

It has the original, decommissioned, coal-converted-to-oil boiler sitting in the basement - about the size of a large chest freezer - encased in asbestos.  

Also I can't say for sure if the property value will go up anytime soon since the Houston market seems to have leveled off, and with the oil situation, who know what will happen?  

After the short-lived oil boom that ended 2 years ago there have been an unbelievable amount of foreclosures, which means an unbelievable rental increase in the area. 

Halfway through a second semester I was offered a job in the oil industry as a Field Engineer for Schlumberger Well Services.

I'm wondering if we will see a small uptick and then a downturn in 2018...which will more or less follow the oil price predictions?