5 questions about finding a flip home... someone please assist.

[Steve Edwards]

I want to find my first property to flip. since Im new, I want it to be a cheaper property so I minimize the risk and learn in the process.

1. I have been looking at hud homes and comparing the sales histories. Sometimes a see a sale that will drastically increase in price (ie 50k,2005--- 55k, 2007--- 125k, 2009--- 50k, 2011...) and other times there will be a progression (50k, 2007-- 60k, 2009---73k, 2011-- 110k, 2012--- 125k,2013--- 60k, 2014--- 40k, 2015). I don't know how to interpret this. What does this usually mean? Why the drastic changes? Should I be concerned?

2. What do you think about very cheap homes that are typically either in the ghetto (15-20k)? I imagine its not worth it, but just wanted others' thoughts.

3. There are homes that are in safe neighborhoods (green areas on Trulia) yet seem to either have a history of being sold underpriced or have a frequent selling history, often at a loss. How do I interpret this?

4. This will be my first property. I cannot buy in my city cuz its too expensive (NYC, so Im venturing into foreign territory). A lot of stories start off with "well I knew someone...". But since I dont have any experience with home repair and I dont know how to study a foreign market aside from looking through the Trulias and Zillows online, how else can I make sure I dont get something for a loss?  

5. Is there a way to get a HUD home assessed before putting in a bid? HUD used to have as is values but i dont see that anymore.

Thanks a ton for any questions you can help with!