I’m looking at a property that has the potential to be a decent cash-flowing place, but it’s currently way under market.The current rent between the 2 units is $1000/month with a market of $1100/month, and the owner currently pays for their heating oil, water, sewer and garbage.

Might be 20 acres sine he's in Texas.Forgot to mention mineral/oil rights which are not insured in Texas with title insurance or may not go with title. 

Alberta is the largest local exporter of oil to the US.

Currently it has oil furnace heated radiators, which by the looks of it is not functional. 3 questions:1 - Any thoughts on whether i should go with the streamlined product (35K max) or the standard?

Texas worries me bc of the recent oil news. any feed back would be great!

@Dana Nicholson - Yes, you need a plan.If I told you...Eggs, oil, water, flour, butter, vanilla extract, pan, bowl, spoon.Can you make a cake for me?

Like most people, my big goal is to develop enough mailbox money to cover my expenses -- but for starters, just getting a first place with positive cash flow seems so daunting...I'm a lawyer working in the oil business (Houston, duh) and I like photography and playing guitar and singing (poorly). 

@Phillip Dwyer is a great data miner as he is also an appraiser in Vegas.

. $$$$ oil/gas and electric highest in country.The difference between the number of bedroom and adding one more is huge.

It has the original, decommissioned, coal-converted-to-oil boiler sitting in the basement - about the size of a large chest freezer - encased in asbestos.