I purchased an older home and it seems they have not kept up on bleeding the radiators. I started in one room today and bleed it till water came out. I then went to the next room but instead of getting water it ran out of air? Am i to add air to the tank in the basement? I do not see any compressor or anything that would fill it back up or do i just sit tight and try again after a few hours?

you do not put air in your system the air came out of the water an that was probibly the highest point and air gose to the top. so just blead ontill you get water. it will also be warmer.