When to do which parts of due diligence?

[Lucas Allmon]

So, say I got ahold of a tape, and filtered it down by my criteria that I want out of a note. When do you do what parts of your due diligence?

It seems as the DD is AFTER you make a bid on a note, while you have a window open for due dilligence?

Do you order an O&E Report right away, or do you do a BPO first in order to make sure it even makes sense to get the title report? Or would you estimate the Value of the property online, and then get a BPO if you needed more clarification?

Is this point when you might talk to your potential JV partner, or should you have that waiting in the wings?

I'm not quite understanding the flow of how one might go about buying a note, and all the books I have read so far are a bit nebulous on this. They all seem to have good info about differing parts of the note flow, but not what the 'order of operations' is.

And again, thanks for all your help. :)