Potential first deal with no secondary market lending

[Matthew Reid]

I have just found bigger pockets and have dove into researching real estate, and looking for potential deals in my area. This afternoon my wife and I were driving around with Zillow/realtor open looking at houses and potential deals, and I think we have stumbled across an amazing deal in an area that is being flooded with new development and plenty more room for more.

This home appears to be a foreclosure and is listed for sale at $48,000, and needs some pretty hefty work on the exterior of the house. I'm assuming maybe and $30,000 just to make it livable. The value of the homes that are being built in the area of the same size are listed for more than $250,000. I would like to be able to purchase this home and renovate it enough to get renters in there for the monthly cash flow. Then a few years down the road as the new construction continues, consider putting more money in the home to sell it.

I'd really like to be able to lock in financing for this deal, but really do not understand the rules associated with purchasing a foreclosure, or "no secondary market lending"

Any sort of advice on this topic would be greatly appreciated.

Thank you