Potential First Deal...

[Lindsay Banaszewski]

I am new to real estate and have never done a deal before.  The house across from me has gone into foreclosure and has been sitting there empty for years.  It has 4 beds and 2 baths - 1,792 sqft.  Last time I was in the house it needed a lot of work done.  Not sure how much the city has done to it, though.  The agent is asking for $235k (has been reduced) for it which is a lot for the amount of work that needs to be done.  My estimate for repairs is around $50k, maybe more.  I live in a good area - quiet, three schools within a 5 minute drive, businesses in the area are growing, etc.  It really is a good place to live.  I would like to rent it out to get a steady income.

Problem?  I am not sure how to get started.  What should my first steps be?  I don't want to get into something I don't understand. 

Any suggestions or advice is very much appreciated!  Thanks in advance!

*I am also looking for a mentor!*