When temperatures drop to a point where the heat pump can no longer do its job (i.e. somewhere below -13F to -20F) - perhaps even prior to that point when COP factor on the heat pump drops below a pre-determined threshold - the existing furnace would fire as the stage 2 heat source.If your oil furnaces are much more than 20-years old, their efficiency will likely be less than 75%.  

I am interested in wholesaling at the moment seeing as i dont have a job yet(being a student) and think that would be the best path for me to start right now.

That is your job.

@Jason Coyle  Just looked at your website .Awesome jobs you did up there.

It is 6 months now and I get many escuses (Contractor from Insurance does not do the job, Contractor went broke, Seller is meeting with attorney General...)Is this a common situation ?

Sounds like you're way ahead of the game with your job skills - I wish I had half of those abilities to take care of our rental properties!

True, there is a wealth of information here, but for someone like me who works a busy full-time job and does not have alot of extra time, it can be overwhelming. 

Especially if you are financing as the holding costs may eat up all of the profits in the event the contractor doesn't do their job in a timely manner.

Scorched earth budget and 3 jobs is what most of us do early on.

Through the podcasts and books, BiggerPockets has given me the confidence to chase my dream!