Possibel Foreclosure & Rehab

[Stephen Zipp]

Found a foreclosure that I think I might be able to work into a great deal. How does this sound: Cost of duplex $30,000. Loan for $70,000, so $40,000 in rehab. I believe the house would be valued at $100,000 to $120,000 then. 

The issues: I am new to the game and worry. What I am worrying about, I do not know. What am I missing?

Next question: How long before I can tap the equity if I were to go through with this?