I am currently having my handyman fix up the property & I am replacing the heating system from oil to electrical.

We did a hotel deal that was finalized in getting a commitment on the phone in probably about 30 minutes, but: That isn't done by just anyone unless you name is Walton or Gates or Buffet or other very wealthy folks, where you might have some opportunity or cause and the investor(s) have knowledge of your offering, your reputation, your abilities to perform and where that fund raiser has the financial expertise and social skills to carry off such a commitment.

We live in a oil boom right now where the real estate is too high to really find any deals right now. 3 years ago you could have bought a house for $50k that today cost over $180.

People rent for many reasons, but some common ones are: 1) they do not have sufficient resources to make the downpayment on a property purchase; 2) they do not have the credit history to qualify for financing; 3) they are in the area temporarily, or periodically, and do not wish to establish roots (students, oil field workers, politicians & staff attending the legislature, etc); 4) home ownership is just not right for some folks.

Are utilities (gas, electric, oil etc.) separate and do all tenants pay their own?

It comes from a tradition of installment sales and land contracts in the desert and in the oil towns.

Dustin, I'm a new investor currently working and living in North Dakota (Oil Jobs Pay Well!)

However, it's an interesting neighborhood: Zoning laws makes it so I cannot easily rent to college students; however, it's close enough to the University that we received a lot of interest from Graduate students and families with one family member going back to school.It's also in a good location for oil and natural gas employees. 2 minutes away from 2 major highways that provide access to sites further east and south.

You don't want to be that guy :) I'd hate wearing a suit and having to shave and look pretty every day :) Just keep it up and you can wear whatever you want and drive whatever you want in a few years :)

These days I use oil based CoverStain, primer by zinnsser, available at your local home depot or lowes.