-oil prices, many folks leasing there (not all but many) work in some way with the oil industry and with low prices they are more hesitant to sign a new lease or move until they have job stability.

Since oil has dropped over 40% in a few months, we are a ways away from inflation, let alone serious inflation.  

Look for knob and tube wiring, drum traps, glass fuses etc old oil heating system.It will definitely have lead paint so you'll have to be conscious of who you rent to.

Unfortunately, with the gas and oil production slowdown, many people are leaving this area causing  a bit of a housing surplus. 

I am an oil and gas executive by day and have been investing in commercial, residential, land and land development for 30 years.

People will dump mattresses, old tires, oil, and anything else you can think of in the bays.

The more work you put in on the first few deals will create your own well oiled system to replicate down the road when you expand, if you choose to do so.

Since oil and water does not mix, it was better for me to purchase a home than to add an addition to my grandmother's home with intent of my mother residing with my grandmother....sorry but let me get to the point.I now own a home free and clear, single family, 3 bedrooms, 1 bath, 960 sqft. with an attached garage, semi-finished basement for 75K.  

Last winter I locked in at 3.10 $ a gallon for oil for heat my question is since my house runs on oil and I supply heat for the whole house would it be beneficial to do total electric or a gas conversion ?

Your also going to have rehab cost that will likely outspend your cashflow for the first few, so it's wise to slice that cash stack in half, because you don't want to run out of cash in the middle of a turn, which put's your spending power between 1 million, or 2 million if your run a well oiled machine.