Looked at my first potential investment property

[Michael Hartman]

I'm pretty much a professional lurker on this site by now, so to counter that I've taken some action. I recently joined the South Jersey REIA and attended a meeting for newbie investors. What a great experience! It's one thing to putt around on these forums (not knocking it BTW!), but to get out and meet investors face to face and listen to what they have to say really hit home for me.

So after the meeting, my real estate wheels really started turning. After looking at a listing on Zillow my girlfriend sent me, I decided to look around for some "lower priced" options. I think I found the one. It's a foreclosed 1800 sqft duplex built in 1930 that's been empty for at least two years. Price is $50k. Jackpot! (Lol) my cousin is a realtor, so I asked him if we could take a look at it.... What a dump! Nearly everything in this place needs work or replacement, but somehow I see potential. 

So I got in touch with a family friend general contractor and just told him it needs a ton of work, potential gutting. We are all heading over Monday to get an idea of renovation costs. Thinking about trying for a 203k loan for financing.....

Any guidance about what I should do from here? Questions I need to ask the contractor, or just general due diligence? Any input would be appreciated, thanks to everyone in advance!