Looking at doing my first 16 unit apartment deal here in North Carolina and seen some good ones in Raleigh and I'm getting better with my numbers but want to perfect them being I have to be able to present my deals to private lenders/investors.

This is perfect!

I put an offer on a two-family home with a decommissioned underground oil tank.

4) Update oil tank to gas unit?

Yes, in a perfect mathematical laboratory it makes sense, but we don't live there.  

I would say you need to plan for the following to happen to you during the next 15 years:- May need to drop rent by $200/month for a while due to market conditions- May have 2-3 months of lost rent due to vacancy and/or eviction- Broken garage door opener, hot water tank, furnace, or appliance requiring a repair man and possible replacement- Need to replace carpets or re-paint the entire unit and it's not covered completely by damage deposits.- HOA fees and taxes continue to go up every year but may not be possible to increase the rents due to market forces.If you have a good W2 job and you can hang on for 15 years and cover these situations I would actually say you should keep the place!    

In a perfect world, accepting prepaid or advance rent would be an advantage, but there are many dangers and pitfalls which should be considered before the decision is made to accept prepaid rent.

Further, event if the inspection came back perfect, the bidders could still use an inspection as a way out of the deal.

Should I terminate this perfectly good tenant who is paying an above market rent in order to pacify the neighbors?

Not too difficult but my only thought was if the names are formatted or spelled differently on different lists it may not be a perfect system but those are probably few and far between and done is better than perfect!