What would YOU do? Myself and a partner with $50,000 each...

[Byron Bailey]

Hi everyone,  

My goal is to get an idea of what some of you more seasoned investors would do if you were in my shoes. I currently have around 50k cash to invest in a project and I am located in Virginia Beach, VA. I also have a partner in California who has 50k to invest. Our plan is to seek properties in the 70k range that need 30k or less in rehab. The areas I am looking right now have comps selling for 140k-160k. We are both newbies and would like our first deal to be a flip requiring mainly cosmetic repairs.

We want to do flips to build more capital so we can get into some rentals to hold, and eventually new construction.  I don't have any interest in wholesaling, but the properties I'm looking at are being sold by a wholesaler. 

If you guys were in my shoes, would this be the approach you would take?  How would you go about tackling it?  We don't have a team built yet.  Do I need a to pay a contractor each time to do a walk-thru on a potential property with me to get a quote?  How did you you build your team?  

It's great to be here with the wheels turning and the ability to take action!  Thank you all!