Your province/area and my state are also oil dependent, as I understand it, so patience could get you an even better deal with oil stuck in the doldrums.I agree with the sentiments of taking it slowly, studying alot, reading alot, networking alot (I know, alot of alots, but  I want to see you double your 150K and not lose it)...

single family in Elizabeth NJproperty ARV 190k-210k3 beds 1 bath3,880 sqftproperty sqft is 1,489year built 1900 (no oil tank) home is converted to gas alreadyRehab 60k-70k (I did the math and its close to 63k)Asking 67kEver since the beginning my realtor provided me with comps showing 190k-210k the only difference I see is that one of the subject properties has 2 bathrooms this is the high 210k the other has 1.5 bath and that sold for 199k.

People make money by selling FUTURES in wheat,oil,hogs...because of agreements in place.

The only time this happens if there's minerals on the land that the owner doesn't know about (for instance).  

The minerals are sold and leased already, so I do not own the minerals.

., oil heating - 1920s brick,exterior good, interior need some work totalling 50 -100k, Asking 580k but is motivated and I think we can get it for 400ish...I have lined up some cash for d/p, improvements and reserve for 6 months.

I am an oil and gas executive by day and have been investing in commercial, residential, land and land development for 30 years.

Since oil has dropped over 40% in a few months, we are a ways away from inflation, let alone serious inflation.  

Look for knob and tube wiring, drum traps, glass fuses etc old oil heating system.It will definitely have lead paint so you'll have to be conscious of who you rent to.

20 years ago nobody was seeing Pennsylvania as an oil & gas producing state, today there are known reserves of a 100 year supply.All you can do is the best that you can do, looking at areas with low crime rates, good schools and prospects for growth.All you can do...is all you can do!