Need Help (in over my head)

[Thomas Burnett]

I've got an issue that might turn out to be good for someone willing to help out a newbie. Here's the situation:

Perousing the internet and MLS I found a very distressed property that had only been online for about 6 hrs and I put in an offer; The issue is, I don't know what the heck I'm doing. I got motivated to take action and bit off more than I can chew.

I live in Portland Oregon, and the property was listed for 209k. 3/1 1550 sqft. I sent a message to a realtor offering 120k. They got back to me and asked a bunch of questions and I spoke to them as if I knew what I was doing and told them I would be paying cash. Comps in the area are conservatively 225k. ((*side note* the MLS page had verbiage"All properties are subject to a 5% buyer's premium pursuant to the Event Agreement and Terms & Conditions (minimums will apply)."))

My initial thought and strategy was that I could find an investor to purchase and do a double close type transaction where I would use transactional funding to purchase under an LLC, and then sell the LLC to the investor for my "assignment fee." My hang up is

1) I've never done a deal before and I don't feel confident going through this transaction solo at this time.

2) I'm not sure what I want to do is legal, or if I need to disclose all of this information to the agent, the other investor or if I should try to find someone to JV with me on the deal. ( If I do JV, how do I ensure I get compensated?) [I mostly want the experience and I would be willing to take a smaller cut on the pie]

3) Oddly enough the agent just text me and tells me that this is owned by the bank and there will be an auction for the property this Wednesday 11/22/17. He says he'll call me and bid as I tell him to.

4) Are there other elements to this that I am completely oblivious to? 

In a round-about way, I'm asking for help and looking to see if I should completely back out of this or if there is someone in the Portland area willing to help out a newbie and gain a property along the way while also increasing your network. Any help with this would be greatly appreciated, thanks in advance.