New Investor, Overwhelmed with Options

[Jimmie Darden]

Hi All! I'm a new investor based out of Richmond, VA - so new that I haven't made my "first deal" yet, but have made some offers and closed in on a few deals from wholesalers with promise, but haven't found quite the right fit. I've been listening to the podcasts and stalking around the forums for a long while now, soaking up the great information from this site. I'm getting antsy looking for my first deal, so in the meantime I'm looking to learn as much as I can. Here is my situation:
I own a primary residence with good equity in it, have good credit, and about 25k towards my first deal (down payment + rehabs). I'd like to start with a good starter flip to build up some cash reserves/capital towards future deals, then move into some buy and hold/rentals. I have also toyed with the ideal of wholesaling (I know, focus) but I am having a lot of trouble finding solid deals. Most of the deals I have found have good ARV, but are in "warzones." One of the houses I looked at today had some serious foundation problems and the other house is vacant and in a very rough area of town, where the neighbor told me that last week right after I viewed it, there was a crackhead and a prostitute in the house that drop in from time to time. As you can tell, there's alot of variables and I am having trouble calibrating my strategy due to all the misfortune in getting started. On a positive note, I have learned a ton from reading books, I also have a mentor, and others who are involved with some aspect of real estate investing - but my issue is finding my first deal. Any tips for a newbie?

Thanks!