Just Purchased my first house to Flip... No idea where to start?

[Mark Johanson]

I just purchased a property site unseen (no inspection) for a little more than $30,000. I did this because the property was the cheapest property every listed in a town of 70,000+ in over 3 years. The land value alone is worth what I paid.

Anyways, this is my first "official" flip. I rehabbed the last house I lived in from the studs up, but I was living in that house and worked on it at my leisure over 3+ years. I purchased it for $65K and sold it for $180K. BUT This house is much worse and I cant fix it over 3 years. 

The same person owned the house for 50+ years and was a hoarder - fortunately all of the junk in the house was removed.

The good:

1) Exterior is in surprisingly good shape (New Roof, new windows, newer siding,etc..) I will probably only need to spend $2,000 or so outside.
2) Newer Electrical Panel
3) Newer Hot Water Tank
4) New tile around bathroom tub

The Bad:

Almost everything about the interior. Kitchen is a disaster, bathroom is a gut job, drywall throughout the house is crumbling etc.. The two main problems which have be worried are:
1) It appears the floor where the rmechanicals are housed is crumbling , and that whole room will need a new floor subfloor etc..
2) A part of the floor on the second story appears to be sagging and will need to be fixed. 


I guess my main question(s) are where do I begin? Which step should be first? Fortunately, I have a full time job which can pay my bills, so I can work on the flip at a slower pace. Should I rent a dumpster throw away all garbage rip out all the old floors rip off all the bad drywall ? Then what? Work on floors next, work on new drywall? Call in an electrician? 

How do I fix a sagging floor? How do I fix a floor thats crumbling? 

[J Scott]

To answer the scheduling question, here is the graphic I use in the BiggerPockets flipping book to indicate the order of scheduling for a typical renovation project -- the book goes into a lot of detail on the scope of each task, the dependencies between them and the completion time frames you should expect, but this should give you an idea of the task order (click to ENLARGE):