You see a house on google street view, bid like there is a house there, and you bid your $50,000 minimum bid up to $100,000 for your $200,000 house. 

My recommendation would be to engage an investment property focused realtor (not a general residential realtor) and let that person guide you through the process from pre-qualification to market/property valuation and selection. 

How much will you spend in repairs on a 1920's house with renters ? 

This will show you that people have options to go out and pick another house over your place. 

Like Agents who say they are in the million dollar club.. well when houses were 50k each that was something you know 30 plus years ago..

Real estate investment is my future.This amazing voyage begins with setting personal goals and vision.

Cosmo - I personally don't know Phoenix well, but if I had to do this in another city I would look at income levels, crime levels, and population growth (if you can) by zip code and/or area within a DMA as a starting point.

I personally own a large portfolio here in Memphis and I hired a property manager for the very first proeprty and I still use them today. 

I've personally done just about every rehab scenario, properties I've lived in, properties bought as investments and even properties bought at auction.You've gotten good advice from folks on this list.

Quote from @Scott MacComb: I am doing my first true house flip (have remodeled plenty of houses for rental) and am trying to figure out a contract to use with a new general contractor whom I have not worked with previously.