My husband met a laid off oil worker at a restaurant on Friday who needs to sell his house ASAP.

When I did the final walkthrough today, my RE agent said I should bring my checkbook to closing, mostly because I am to pay for the heating oil in the oil tank they just filled up.  

They make lemonade out of lemons.

Which may be good when selling but bad when buying.As far as a low maintenance investment is concerned the condo wins out unless you throw in the maintenance involved with potential HOA management problems.You are really comparing lemons with lemons financially and I would avoid both.

The prices for homes never really seemed to drop significantly over the 2 year downturn in the oil patch, but rents certainly went down.

In light of all the guru, snake oil sales types you'll find these days on TV, you've probably found the best resource to get started right here and at the right price.If possible, my suggestion is using owner occupant financing to buy a new home, rent out your existing primary residence and repeat the process until your portfolio is where you need it to be to comfortably retire, pay for your kiddo's and grand kiddo's education, sit on a Caribbean beach with an umbrella'd drink in your hand...whatever floats your boat! 

These rentals are like little oil wells.  

-Alonzo [keyword trigger: Permian Basin west Texas Advice help oil field Odessa Midland 79762 asset investment real estate single family home SFH meat and potatoes]

I am currently getting unemployment (got laid off from the oil and gas industry). 

We sold it when we moved to Alaska 11 years ago, settled into a new job, sat on the sidelines while the economy slumped due to low oil prices, and recently purchased a SFH at a reasonably good price, rehab'ed, and rented it to a great family.