Preforeclosure Deal

[Javier Feria]

Hello everyone. I been doing some research here in Southern California and I finally started putting the pieces together. So I was able to acquire a recent list of preforeclosure homes around my area and I'm trying to figure out the proper procedure to target the right ones. 

I would like to put these homes under contract. But from my understanding if they are in (NOD) there is a certain waiting period before you make an approach like this. There are some homes that have little equity or are 50% of there loan value, some are negative and below water. The hard part understanding is how do you weed out these homes and offer a potential offer. But overall at the end I would like to buy rehab and rent or rehab and flip. So if anybody can give me some advice, I would highly appreciate it! Thanks...