Courthouse steps for my first flip?

[Alessa LeSar]

I am considering my first flip. Any words of wisdom on buying a house off the courthouse steps? Theres a foreclosure in an area that appreciates really well. I would probably need a hard money loan, not sure what carrying costs would look like. I am going to go and try and look at it tomorrow, peek in the windows, look at the roof. I am a realtor in the area so I understand the ARV. I have a rough idea of what my max bid would be if my reno budget is around 150k. I have no idea what this house needs so I am trying to be generous with my rehab costs. ARV would probably put the sale around $450-500 depending on a few factors (can any of the basement be finished out to make more sq footage etc). Would love to hear from anyone with good pointers and stuff a newbie should be aware of! TIA!