How do I do this?

[Augusta Uwah]

So I'm a total noob to REI but I'm pretty excited about it, as I'm finding out its this huge diverse world with many different opportunities.

So assuming I wanted to move on a foreclosed property, what would I have to look out for?

Its listed at about $30,000 below its market value and seems to have a decent cash flow, but its probably not currently occupied. 

Im live in Indianapolis and word on the block is that its a great cashflow market, Im thinking to buy and hold but I'd probably need property management. I've lived in Bloomington IN as well, and I think that its probably a great market there.

I am just looking at this point as I  have no experience at this time and just joined BP.

I'm open to learning more, and still have a million questions...