With an ARV around $60,000 you'd have to get it close to $15,000 and not put more than about $20,000 into it to do anything better than break-even on a flip.Depending on area rents, it might make a good buy-hold, but that's more numbers to look up - area rents, owner's insurance, renter's insurance, etc.

The family was in the house in full body plastic suits and respirators. 

Buy the best you can afford do not get sucked into the highest returns those are generally the most risky and the returns are only on paper you never actually realize them.. buy a nice home at the top of the range not the bottom and you will be much better off... property management will make or break the investment so make sure you good with that.

Then when you have the capital built up, find some private money and do a break even deal with them (hold it til they make back their capital investment, or flip it and split after recoup.) 

I agree with Ethan re marketing for creative deals, sellers at break even and can't sell with an agent due to no equity to pay the agent's fees.  

See my discussion in the comment section of this blog post: https://www.biggerpockets.com/renewsblog/2015/11/27/breaking-new-tax-change-that-can-save-thousands-for-real-estate-investors/Answer to #3: Closing costs are either added to the property basis and depreciated over 27.5 years, added to the loan basis and amortized over the life of the loan, or currently deductible.

I recommend getting licensed and working for a property manager for at least a year before you try breaking off on your own.

Getting too wrapped around the axle about finding the ideal first deal is a good way to miss the game because you were too busy sitting on the sidelines wondering when to enter.sounds awesome. the second half of your post is nailing where i'm at right now: figuring out when to jump in based off of knowing that something decent is in front of me rather than waiting for great numbers in particular. my goal is to have something during first half of next year and not blow it, basically. if i break even, or anywhere near it pretty much, then i'll be happy cause of getting over the knowledge/fear/hesitancy humps.

Okay so I have held that the more amenities you offer in a rental that can break easily, the more time/money a unit will cost you. 

Immediately after closing I have them buy me out for the agreed amount.Can you please break down the final part of your process?