There is a great rental owners association here that can help you with paperwork that is well known in the courts in both counties and they have a hotline to ask questions for us land lords that don't do this full time.

A strong local owner association opposes any up zoning which requires a community board meeting, zoning board meeting, variance approvals.

I think Cincy has a large RE Investing association too that you could join.

I'm mostly worried about risks associated with the fact that it was converted, but not documented as a four-unit.

But then add in the steep hill, costs associated with first time if trying to do most this yourself, not converting existing structure. 

The first is operational risk, the risk associated with operating the property efficiently, keeping costs in line, vacancy low and income high, management, etc.

However, I am not sure why the cost of a bank account and associated checks would be the managers expense. 

So there is risk associated here, but you don't pay for what you don't use.Line of Credit, as in a personal line of credit? 

Over the past few years, I went back to school to earn two degrees and now work in Dallas and live north of the city.

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!!!