Got a pre-foreclosure lead, now what?

[Jim Francis]

Hey guys. I haven't done any pre-foreclosure deals before, and just landed a lead from a friend of mine. His cousin is way behind on the bills and needs to get out of his house before it goes to foreclosure.

He is sending me the basic info, including note amounts, property value, address, possible repairs, etc.

Then what?

If it looks like a deal and I don't have the cash to buy this from the guy straight up, what should I do? Should I get a real estate attorney, wholesale it and double close?

If you can help, give me some ideas.