Secondly, If that were done would it be best to keep the existing hot water system running on oil or should i convert to electric hot water as well?  

On the lid of my water heater is a cold water inlet pipe and what looks like a freeze plug to the right of that; clockwise, there is the main electrical cable connection; on the far left is another freeze plug; inboard from that is the hot water outlet pipe .

Are the tenants paying for their own gas and electric to their respective providers? 

The heat comes from direct-electric. communal water and sewer.

In my properties without a full kitchen, I still supply a rice cooker, electric kettle, and hot plates because of the lack of stove. 5) A set of house rules is a must.

Taxes are low, no back taxes, roof only few years old, new furnaces, new water heaters, updated electrical, no plumbing issues and great condition hardwood floors throughout.

First year cash flow is currently $600/month or minimum $470/month if vacancy.So far I got one phone call about electrical panel (breaker problem).

In my county, as long as you don't relocate plumbing or electrical, you don't need a lot of permits, even on a total rehab..The house was $24k, the cheapest that I ever bought a house for.

I am updating the electrical from one to four electrical boxes, my contractor went to get an electrical permit and was denied. 

A class on plumbing or electrical systems or hvac or something related to building trades will serve you well throughout your life.