I am looking at a place in east Texas with 3 functioning oil wells on the property. All are fenced, there are no storage tanks in the park, and all piping is underground. Having an oil well in your yard is quite common for this area.
Unfortunately, I do not receive any royalties.
Am running into some pretty stiff resistance from lenders due to the low occupancy and the wells.
Am I letting myself in for future problems by buying this place? What should I be aware of as far as environmental problems?
Thanks.
Rolf