Im looking at this seeing a good money maker due to the various sources of potential income.

Even so that I'm dabbling in raw land investing because its a similar niche market that has the potential to be even less of a hassle.

I don't intend to let the potential buyer choose what/how they want something done. 

If you sell for $160K and buy for $90K there is a potential taxable boot of $70K.  

As I am doing my research in the Oakland market, a lot of the math is starting to look slim in terms of cash flow so I started to study properties that could possibly be renovated with condo conversion potentials as a value add opportunity.

The house is in somewhat rough conditions to my standards but it has amazing potential.

I haven't ruled out Las Vegas as a potential market to enter because I believe it's trending in the right direction but as you mentioned, I would like to do more research in areas where the ROI and cash-on-cash returns fit my criteria. 

Interest on a land contract can be inflated for potentially higher future rates.

The stats on the property: the tax basis is $52,978 and the potential sale will bring in approximately $130,000.

Varies widely by area so I can't say, but since I'm in California and you are in Pennsylvania, your numbers should be higher than mine, potentially much higher.