Mark,

You are a smart guy!! I wish I was as smart when I bought my plane ....you got on this forum and started asking questions...you are way ahead of where I was when I bought my plane.

My mistakes...

1.)I got the fever ....looked at one plane and was ready to buy (didn't buy the first one ...bought the second one)
2.) Put my faith in the guy that was brokering the
plane that I bought.
3.) The guy brokering was also the mechanic....
4.) I didn't spend time finding out the information on 150's that I shopuld have....I didn't do the research
5.) Thought that the low price of a 150 made it the plane to buy. Never considered expenses other than the cost of an annual ...and that cost was quoted by the guy selling the plane...
6.) I didn't have a clue about the potential cost of annuals and costs for maintanance if things go bad.

A few questions for you..

Are you planning on keeping the plane?
...If not, you won't get your money back on a plane thats old with damage history...are you willing to sell it for less than you pay for it?
....Some one already asked you....what are the times...total and engine....?

Do you have the resources to cover things if they go wrong quick? $5K to $10K...if not you could be the proud owner of a plane you can't fly....or why your in finacial trouble after paying the bills...
Have you rented and flown a 150? are you OK with limited power and speed....

I would suggest Mike Arnam's book.

I love to fly ....low and slow is for me...but I wish I had all the money that I have spent ....do it.. but do what you are doing. Take your time, do the home work...if you miss one.. don't worry, there are plenty more....I recomend as low time as you can get...with out damage history, if you a going to sell with in a few years....If resale is not an issue then damage and total time aren't a big deal.
Engine time is another story and SMOH needs to be looked at closely. Who did the overhaul? Were the cylinders replaced?
What brand? What else was replaced at overhaul?

I wouldn't want to discourage anyone from having the enjoyment that I have had ....I only hope that your enjoyment is more ecomomical!!!

Good luck Mark and welcome to a great club....