New investor seeking to flip first house

[Adam Garza]

I've barely gotten my feet wet when it comes to REI, but I'd like to begin my career as an investor in rehabs and flips. I have a few questions/concerns before I make my first purchase.

A few things: I've got a partner who is new to this as well but really just wants to be a "silent" partner. We've both decided to put up 20-25k to for our first deal. However, I have a low 600 credit score and I don't think my partner is interested in taking out a mortgage for our first deal. I tell you all of this because I want to be clear about our starting point. 

We've gone to a few auctions and looked at a couple of properties, but I'd like to be confident about our first purchase and could use all the help I can get! 

A few questions: 

- How do we start to build a team and how do I know I'm getting the right contractor? I've heard too many stories about people not getting what they paid for or way over charged on their first deal. 

-In what ways could I return the value to realtors who provide leads from the MLS or comps? I have a few realtor friends but I always feel like I'm bugging them if I ask for info.

-What should our price range be for properties and how much should we invest in rehab? Do you consider who your buyer might be after the repairs? For instance, if we put minimal work, cheap flooring, cabinets, etc in a property, are we only marketing it as an investment rental property? (My mindset is that a new homeowner would want nicer things, so would we want to spend more money on the rehab?)

-What are some ways to "study" our market area? 

-Who has the best information for REO's or pre-foreclosures? Where would I find this information?

I'd appreciate any insight you might offer. I'm excited about the opportunities ahead and hopefully many deals in the future!

Thanks, 

Adam