Hi Marlene.
There's a ton of information online, including here on BP, that you can research. But honestly, it can also cause you "analysis paralysis" since there's so much. A great single resource is J Scott's books on flipping houses which really breaks things down well so you can understand the overall basics. After that, the absolute #1 best place to learn is to jump in and do it. You'll learn more from doing that 1st property than you ever will from books and articles.
The best advice I can give that worked for me is:
1. Learn the fundamental basics of the entire process including: researching/finding properties in your market, buying it, rehabbing it, selling it (all specific to your market). Consider building a team of people to guide you for each step (local lender, local realtor, attorney and GC). Experienced people you can trust to ask questions and get advice from is priceless.
2. Do your homework on the property to know EXACTLY what you're buying and getting into. Establishing relationships with a good local realtor and GContractor will help you a lot here. Use them to give you guidance on the market, resale values, rehab costs, timelines for repair etc.
3. Know your numbers (costs) ahead of time for each stage of the process (buying, holding, rehabbing, selling). Nailing down your resale value (ARV) and your rehab costs as best as you can, will usually always keep you out of trouble.
4. Don't go for a home-run swing on your first property. Maybe focus only on condos or small townhomes first. These tend to be mostly cosmetic interior rehabs (not always but usually) and you can usually avoid the big hidden issues that single family homes can have (structural, environmental, plumbing etc). Also, you can usually avoid exterior renovation costs with these since many have HOAs that maintain the exteriors.
5. Be OK with a minimal profit on your first 1-2 properties. I told myself on my first property that I would be totally OK with breaking even because the real value for me was in learning how to do it so I can do more properties. Turns out, I profited nicely and learned a lot.
6. Don't forget #3 :)
Hope this helps. Best of luck!
