The first deal...go for it or pass?

[Jason Tungate]

Central Indiana. A house in my area, listed for about 130k, needs work, bank will/wants short sell (sale?)...65k, 85k turned down. I want to offer 101k. Someone will make money. This house will fetch 160k easily with about 20k worth of work. I work full time and listen to BPpc at work. I can walk away or rush head first into that first deal. No money but could  scrape up a few bucks to make it happen. Or watch from afar and wait for next deal. Any help or ideas welcome. What is my first/next step? Where in BP world do I turn with this info?