Newbie Investor ALERT: Flipping outside Boston..for now

[Alex Nameishi]

Hello All-

My main intention of this post is to get some feedback on my ideas and also to network with all of you, as I am new to this community.

Quick back round: Im 26yrs old, work in Boston for a financial service firm making a modest income and despise this 9-5 office life(actually mine is more like 7-7 but who's counting).

My partner and I are brand new to real estate and we are looking to purchase our first fix-and-flip within the next 4 weeks. Over the past year, we have been just focusing on educating ourselves through reading books, listening to BP podcasts, speaking to lenders and attorneys, and now we are finally ready to take action and apply all the knowledge we have consumed. Since i am still a newbie to all of this, I figured it might be a good idea to get your guys' input on what I plan to do moving forward. 

My partner and I have combined $40-50K to invest on a down payment for our first home. We plan to buy a home listed for around $130-$200K and put in anywhere from $25-50K in rehab; only throwing offers using the 70% rule through the MLS( Since MLS/zillow is over saturated, we are now experimenting with direct mail, cold call and text messages to houses found through county court listed for divorce,probate,tax, delinquency liens, pre foreclosure, water lists etc..) We just created our entities (LLC and S Corp;TIN will be given in the next week or 2 so we can establish our business bank account) and we just shortened our lender lists to 2 lenders, both very reputable in the BP community. We live in the suburbs about 30 miles south of Boston and plan to invest locally. If you're familiar with the area, we scout east of Worcester and south of Boston. Initially our plan was to BRRRR out of state down south but that plan will be delayed due to the fact that my partner is in construction and he is about to be laid off for the winter, so he would like to fix and flip a property here so he can make income and we can hopefully sell by around May 2020. He's been in construction for 10 years and he's confident that he can accomplish 60-80% of the rehab with his construction buddy, and outsource whatever he cannot do. By the time we finish our first property, we will have built a more capital from the profit on our first flip, where we will then reinvest those proceeds towards our first BRRRR house by around early summer 2020 and complete rehab towards the end of summer, which would be the ideal time to attract new tenants. Of course, since this will be our first hack at this, i'm sure we will run into many obstacles that will delay our deadlines. I know I didn't go too deep into detail but based off what I listed, do you guys have any advice or things to look out for or avoid through this process?I understand this post is very generic but I feel the need to share my ideas, hoping that one can step in and give me better advice or alternatives.

thanks guys

-Alex