Right now I just have gas, electric, water, tax, insuranceS bills, and about to open all those also at 2nd property cash-closing on later this month.

I guess I need validation for my approach to buy and holds.  

If you have family there that makes the choice more simple, if it was me of course.Keep the liquid cash while renting for a short period to validate the market and business to yourself.

Electricity, Gas, Oil, Water, Sewage, & Utility Billing.Contract Services $200-400 per door This could be Landscapers, Pest Services, Trash Services, and Security etc.Payroll $700- $1000 average is usually $900 per door. 

We may convert the furnace to natural gas from oil.

Here are the details on the house:The Good-Located in Hunterdon County NJ in a desirable town/school district-2 bed/1 bath-Attached 1 car garage-1/4 acre lot-fenced back yard-Hardwood floors-Central air, newer oil furnace/wood furnace-30 year roof put on 7 years ago-450 SF of finished space in basement, carpeted with built-ins-Full perimeter foundation drains and two sump pumps (basement has never seen a drop of water)-New gas stove, dishwasher, and laundry machinesThe Bad-Mortgage balance is about $222K @ 6.125% - House was appraised last month at $220K-Current PITI is $2345/month-$1495 Principle and interest-$615 Property tax (Taxes are very high here)-$60 Insurance-$175 Private Mortgage Insurance-Normal rent for my area on a 2 bed/1 bath is only about $1000 a monthDo I have options here?

Hey all, Just curious to see if anyone can validate this exit strategy for a wholesale deal.

If an executed contract isn't valid yet is there any other way to secure the property?

You don't say whether any of these folks have a valid lease or not.  

In contrast, your 20-year old, gas heaters most likely have an efficiency between 60 and 75.If you do the math, you will likely find that if your existing water heaters run for another 5 years, the difference in fuel consumption to a new heater would pay a considerable amount of the acquisition and installation cost for a new heater.