To turn them into rentals I usually budget about 2k to 5k for electrical and the same for plumbing and heating.

I miss the heated weather where I can wear shorts, so Texas would be nice right now.Hey Marc Bodinger, I currently own and manage a condo (more of a town home in my opinion), and a town house my mother recently bought.

You need to know, IMO, every piece of suctural and trim elements used in home construction, from the ridge cap to the vapor barier layed under the foundation.

Comps in the area are dicey since they are all small, older homes ('70-'71s) and some have not been upgraded like ours (most do not have central heat/air, patios, etc).We'd just like to go on to the next deal at this point and want to do it ourselves so we need the cash.

The PSOA states "Seller will deliver the Property, including existing appliances, heating, cooling, plumbing, electrical systems and equipment, smoke and heat detectors, and landscaping and lawn, in substantially the same physical condition as on the Settlement Date and broom clean with all trash and debris removed."

I'm going to install heat tape, but want to know about protecting it fully.

Also, both units use oil heat, should I put some kind of clause in rental contract saying that they must keep the tanks filled and that I will start them off with "X" amount of gallons.

Read here:http://www.biggerpockets.com/forums/311/topics/101132-reserve-money-amounts-in-accountsReserves are set aside for replacement of major systems (like roof and heating system), and for operation in the event of vacancy.

Could it be that you're used to high end homes and aren't used to decorative elements that might turn this into a charmer?

Yes investors can write their own contracts once they learn the elements of a contract.