Underground heating oil tanks were sometimes used too.Keep doing your homework and know of all of the potential pitfalls.

I've heard alot about having verbiage in rental agreements / leases that allow you to increase rent based on oil prices crossing a pre determined threshold.

If over 5 acres, tell them your father said it has oil under it.

Many years ago during the days of Oil heat a friend of mine installed one for the tenant to play with & one discreetly installed that actually worked left @ whatever the minimum required temp was.

There is clear evidence of oil tanks previously being present.

A good set of processes, standard operating procedures (SOP's), and policies can be the difference between a successful, well-oiled machine type of organization and a chaotic, inconsistent, and frustrating one.Their concept of "McDonaldizing" your operation is exactly right.

Add in the underground oil tank and what looked like a $40-50k rehab probably would have been significantly more.There is a learning curve to walking a house and knowing costs to rehab, but it's all part of the game.

Housing prices are high do to the oil field in our South Texas area.

My business partner and I have a background in abstracting and oil and gas work. 

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.