We still can t closed because sellers contractors need to finish some work (apparently due to damage from a tornado)Would I be entitled to back out or some sort of compensation ?

Talk to @Brad Schaeppi, he can help sort it out. 

What sorts of things should I be considering about the home, the potential deal/negotiation, the timing of the market right now?

Looks like we've ended up in the same career path (sort of) again LOL.

My questions are would you need a license of some sort for this, if not do you just start by finding a property with a motivated seller and contact them and begin negotiations?

At my firm, we handle all sorts of real estate transactions, including those you mentioned.

If yes, is it a good investment as it is even with any sort of appreciation? 

Sort of conflicted on what direction I should go.Overview:The purchase price of the house is $170K in which I negotiated down from $190K.

So it completely depends on what sort of investor you want to be.

I'm primarily interested in BRRR  these days but I'm just generally wondering how my fellow Canadian investors are making a buck.I'm planning a trip to Montreal, Ottawa, and Edmonton in the near future to see what sort of prospects exist in those cities.