We will be making updates to the floor and bathroom ourselves while we live in the other unit.

My forte is finish carpentry, flooring, and kitchen cabinets.

If the appartment is in decent condition but just needs paint and flooring let the tenants just move out without charge and fix them up.

Usually, only heating oil USTs associated with commercial properties are regulated. thus, most home heating oil tanks may and often are taken out of service without any oversight from state regulators.Second- the rules that are in effect for heating oil tanks are usually less stringent than for diesel or gasoline tanks since heating oil tends to thicker and may not migrate as far. as a result, many states just require tanks to be cleaned out. they may also require the tanks to be filled with sand or concrete to prevent collapse. but sampling may not be required.Third- the key to determining if a tank has leaked is to collect soil samples from around and beneath the tank (groundwater also if groundwater is shallow). another quick way to see if a tank is leaking is to "dip" it with a stick that has a paste that turns color in the presence of water. generally, if water has gotten into a tank, it can mean oil has leaked out of the tank (although a certain amount of condensation may be present even where there is no leak so this is not a infallible test).Fourth- if there is currently a tank in the basement, ask the owner if there used to be a buried tank (a/k/a underground storage tank).Fifth, If the tank has impacted the soil, the cleanup generally varies from $25K to $50K though the costs will depend ont he depth of the contamination. i once had a home with a heated pool that had pressurized piping and used diesel. the contamination went down 40 feet and the consultant went crazy excavating the soil to the tune of $400K!!!

The deal is as follows:Purchase price: $132,000Rehab: $165,000 (adding 2nd story of ~1,000 sqft; renovation of existing base floor of 1,203 sqft)ARV: $369,000 (based on comps, it could sell as high as $400,000)Profit: $44,000 if I borrow mostly from hard money (I will try to use a HELOC or conventional loan to increase the profit)I have an architect and a general contractor lined up. 3 months of rehab.

I have a few questions and wanted to also just open the floor to meet other investors and real estate professionals in this market!

Floors have a  10 year lifespan.

By the time you hit 12 years, you will be out of pocket for at least one (or 2) roof, 2 kitchens, 4 paint jobs, 2 new floors, driveway, and other misc items that will add up. 

Surely exceptional people can find success regardless of their situation, but there is a higher economic floor depending on your socioeconomic situation at birth.

I would definitely ask for rent rolls and get concrete evidence of what your potential tenants income(s) are at the moment.