Housing prices are high do to the oil field in our South Texas area.

My business partner and I have a background in abstracting and oil and gas work. 

Either by; buy and flip or buy and hold properties. i am not looking to reap the rewards for at least 10 years.( i am 29 now). my location is in Bakersfield Ca. i currently work on a land based oil rig. i have a construction background and there is nothing i cant fix/build myself when it comes to rehabing a house. i am open to all sorts of ideas so i can then narrow down my path of action. in your guys experiences what would be my best bet. any advice / input would be greatly appreciated. i just dont want to get discouraged, go out and buy a boat or something and then regret not seizing this opportunity when i had the chance.

I believe this house at some point had an oil tank which was replaced by the gas furnice.  

Will it be like oil, where they are pumping to driving prices down until it runs people out of business?

Hedge funds should have their money out of (or moving out of) real estate and into the oil patch.

I am currently working in the oil field as an equipment operator.  

Hey @Julie Hassett,The numbers seem good to me, I don't see what @Sandra Holt is referring to either.The two details that stand out to me are, it doesn't seams right they are adding Oil Heat paid by tenants into GRM calculation, and the closing cost of 15K seam high.

The building seems to be well taken care of, have to check the roof still, no buried oil tanks,.....what else am I missing?

@David Cook Our market currently is like buying an 60% Oil / 40% inverse S&P 500 index ETF we tend to track relative to those factors (at least that’s the commonly held perception).