We may convert the furnace to natural gas from oil.

HUD essentially did that for us. 

Here are the details on the house:The Good-Located in Hunterdon County NJ in a desirable town/school district-2 bed/1 bath-Attached 1 car garage-1/4 acre lot-fenced back yard-Hardwood floors-Central air, newer oil furnace/wood furnace-30 year roof put on 7 years ago-450 SF of finished space in basement, carpeted with built-ins-Full perimeter foundation drains and two sump pumps (basement has never seen a drop of water)-New gas stove, dishwasher, and laundry machinesThe Bad-Mortgage balance is about $222K @ 6.125% - House was appraised last month at $220K-Current PITI is $2345/month-$1495 Principle and interest-$615 Property tax (Taxes are very high here)-$60 Insurance-$175 Private Mortgage Insurance-Normal rent for my area on a 2 bed/1 bath is only about $1000 a monthDo I have options here?

I had an oilfield rental business that is most likely going to fail due to oil price collapse. 

He grew up on a farm and had been "paid" since he was about 9 years old (dad put money aside essentially) so he had quite a bit of cash after high school. 

I know the gulf coast is anticipating decent growth but with the slow down in oil I would be cautious.

I'm a systems guy - 35 years of writing software for oil companies and investment banks.

The Contract consists of a ONE TO FOUR FAMILY RESTDENTTAL CONTRACT (RESALE) TAR 1601 / TREC 20-11, and a Third Party Financing Addendum for credit Approval -which is TAR 1901/TREC 40-5, and a ADDENDUM FOR RESERVATION OF OIL, GAS,AND OTHER MINERALS, and a Buyers Temporary Residential Lease TAR 1911/TREC 16-5, and a Plat Record.

I since learned that basically turnkey providers are operating under a different business model-- they are essentially flippers.

Fear over Greece, the FMOC maybe raising the fed funds rate 15-25 basis points (trivial) sometime in the next year, low oil prices, who knows why...