Recently, the electrical wiring and some other things have been lifted out.

They're just to cheap and put out great light, plus I don't pay for the electricity and none of my tenants have had any issue with them.

I will live in the property for the first several years according to FHA standards and therefore cash flows may not appear as great during the early years.Purchase: $165,000Rent: A-$200 (I will be living in this unit with a roommate paying me $200-$250/mo, for tax purposes I may or may not pay myself rent), B-$450, C-$475 [$1,125/mo or $13,500/yr]      I believe potential market rent is in the $500-$550 range depending on updatesFHA Loan: 3.5% down, 30 year am, 30 year note, no points (+/- $900/mo PITI)Tenants pay electric, gas, water & sewer all separately meteredTaxes: $1,400/yrAfter doing a few initial calculations this looks to be a fairly solid deal.

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).