And I go further than that as well but thats a great first step.

I currently own my condo located in Glendale, CA and am thinking about using the equity available (somewhere between 50k and 100k) for my initial real estate investment.

Thank you  @Scott Hollister I'm getting started on the first step right now !

What are the other things to do, or steps to take to set yourself up for success and make sure you have a true understanding of the market.FYI: I'm probably going to start wholsaling first because of my limited capital.

@Daniel Ramirez Spending quality time in finding the right GC is probably the most important step in managing a Flip without doing the work yourself, so I commend you for taking the time to ask for opinions on how to vet one properly.Having just found a GC that I like and who is honest, I'll describe the process of how I selected him.First, I did research to determine whether or not his business is successful.

You send the initial short sale package to the bank, wait for response.

What are the right steps?

Is it also usual to be charged 10% of the monthly rental plus an administration & management fee initially and then a balance of $300 for any maintenance or emergency repairs.There is no indication of when the rent is passed on to the landlord, whether this is monthly, quarterly or annually I'm not sure.Any advice on your experience with PM's would be much appreciated as well as any recommendations for good PM companies in the Tampa area.

I am in the process of buying a foreclosure  home in Florida, contract has been signed, home inspection has been performed and earnest money has been put down, my real estate agent has been trying to contact the seller to speed the process of paperwork for tomorrow's closing August 31, in the event that they don't answer by end of the day tomorrow, what is the next step to follow?

It may seem like a simple thing, but reaching out in Bigger Pockets about getting started in real estate investing is a huge first step.