Seller left TV's in the home, when they were removed we found the TV's were improperly wired directly into the outlets and painted around.

Those who have experience in this area, what would be any unexpected downfalls of this method that a new investor would not typically be prepared to confront?

You'll find unexpected replies, all from investor perspectives. 

It could have been a bad breaker, overload, faulty outlet, faulty appliance, etc... 

HUD's Housing Quality Standards guidance on ungrounded 3-prong electrical outlets states that they're acceptable if protected by a GFCI outlet.

Replaced ungrounded two prong outlets with 3-prong grounded outlets, added GFCIs, new light switches.

One inside they are generally qualified to check the mechanicals including electrical systems, breaker panels, junction boxes or lack thereof, knob and tube, outlets (condition and grounding) GFIs, etc; Plumbing systems check include hot water tank, faucets and drains; HVAC check; etc.

Long story short, a sewer scope is always worth it to avoid unexpected surprises. 

So in effect, I'm paying more like $60/mo to use very little gas.I was thinking of purchasing an electric dryer when I buy a new one, having an electrician set up the 220 outlet or whatever the dryer takes, and then shutting off the gas to the common space.

Easy out for everyone if the relationship does not work out.  Lets