Find some comparable properties to index your rental against.

Certainly would want to have the exit strategy figured out prior to purchasing.

Suggest you go the electric route--less or  no maintenance costs, and when repair is needed, inexpensive compared to most gas fired boilers or furnaces.I would also have a small natural gas wall space heater installed somewhere on the main living floor (not in bedrooms) just in case of power outage and / or for supplemental heating.  

The properties have market value which can be determined by reviewing recent comparable sales.

Prior to purchase, as is customary in NJ, I had a tank sweep company come investigate the property. 

What you need to do now is set screening standards and write them down (make sure they don't discriminate). your standards should include things such as credit score minimum, income requirements, occupancy maximums (you have a legal limit, but you can set a lower limit if desired), as well as some rules such as: no prior evictions, no felonies, etc.

So now I'm faced with either replacing these items prior to putting it back on the market or not.

The potential partners I have been talking too also like the diversification of holding less stocks and the stability of real estate prices, at least in our are, compared to stocks also. 

Its in the Old Colorado City (some compare it to the next Denver or Portland with the "hipster"/millennial influx) with unobstructed views of the mountain range and Pikes Peak, which really drive up cost here. 

Price is relatively cheap compared to other areas of the country and other areas of the state.