Ok, some basics for you: Acrylic paint is water based, which means it is simple to use, brushes may be washed in water etc. It also means that if you want to use oil paint with it, the Acrylic must be painted first – oil floats on water – then you can use oils on top. Many bought artist’s grounds are actually primed with acrylic paint. The medium in Acrylic, which makes it permanent and also so versatile is PVA, or Polyvinyl Acetate. This is the stuff that wood-glue is made from, and is often used in crafting. Acrylic paint can be thinned with water, until almost transparent, like water-colour, it dries very quickly and is simple to clean off most surfaces.
Oil paints are made using an oil base to carry the colour. This is usually linseed, sometimes cottonseed. Oil paint never really ‘dries’, it continues to change, often for centuries which is how ‘old masters’ survive. It must be thinned using solvents, turpentine is traditional. Linseed oil is also used.
Your paper can be easily primed with a thin layer of acrylic paint, then used for oil or for further acrylic work.
All paints are made using pigment which these days is often made from ‘anyline’ dyes, obtained from the oil industry. The old, traditional pigments, and colours are made from earth and plant extracts. The pigment is ground very finely, then mixed, either with oil or the acrylic medium, slowly and carefully. Making paint is great fun – I’ve done it and still have some I made about 15 years ago!
As long as you keep in mind that oil must go over water, you can have fun with all the materials you have, without buying more. Canvas is very expensive, you can get ready-primed canvasses and boards, but I think you might as well experiment with what you have. Don’t be afraid of it, you will make mistakes, but that will help you learn!
Please feel free to message me if you want more info, I have expertise in paint technology, art and materials, and love to waffle on about them! Best of luck, above all, enjoy the gift from your Aunt!