I'm about to make my first offer and I'm nervous

[James Canoy]

Ok. So I'm about to go see a foreclosure. They're asking for 70 and the comps are a 240 at the low end. There may be a contractor meet me there. I've applied the 70% rule which I changed to the 50% rule just to make sure and this place passes on that front. 

I'm still waiting on my estimating rehab costs book from BP. I'm going to look for foundation issues, mold, water damage, fire damage, roof, age of materials, etc etc. 

I have 45 saved and I'll need to finance the rest. Again the ARV is 240.

Assuming the house needs 50 in work, what's my next step? How do I get the renovation loan(?) that I'll need to fix the house? 

[Matt K.]

Not saying it's impossible, but curious how this made it to MLS if there's so much profit to be made? Are you under estimating the repairs or over estimating the comps?