Next step, find a lender that will lend to a new LLC.

So it's my first step in the buy and hold game.

Dmitriy, good advice on the next steps.

BP, M.B - J&G... there are a bunch out there that were all learning from )Don't step over the dollar to pick up the dime - just keep your eyes open to whats in front of you and it will come into focus all on its own.

Update material costs based on what you saw at Lowes and Home Depot...but check this against homewyse as wellStart making nice with a contractor and ask to see their existing job sites.Use J Scotts method of going to Home Depot or Lowes early in the morning and see who is checking out at the contractors desk if you need a place to startWhen starting don't try to estimate by only looking at an MLS listingIf you're new the odds of you finding a deal on the MLS are rare.

I’ve learned very quickly that people will step all over you if you don’t take a stand.

Next step: finding an opportunity...

So first kudos to you for stepping out on that limb and getting started. 

If I price it according the cap rate method, I come up with 122000 Bank's highest bid is 70000I intend to BRRR this property, but not certain if I'm looking at a deal.  72000 purchase price (foreclosures in this area that sell to 3rd parties typically go for approxmately assessed value)Repairs 25000Buying cost: 500evictions/cash for keys: 1500Initial cash outlays: 99000Annual revenue: 22500Taxes: 1417Insurance:  1500?

I was buying court house steps in fort Meyers  new or near new homes for 30 to 40k cash at the steps in 093. my well documented clients in PHX AZ losing 4 plexs they paid 350k for in 05 and having them go vacant and they let them go to foreclosure thereby ruining their credit and losing whatever cash they had in them.. 2010 they were selling for 100k or less and still vacant.so on and so forth.As long as credit does not freeze the values have been reset .. those that were lucky or smart enough or came of age to be investors and bought in the trough historic low price points historic low interest  many paid cash as financing was still tough.. so as long as they don't drink the cool aid and refi out and leverage up you have the makings of a very strong asset base.. plus all the foreigners who paid cash there were literally hundreds of thousands of homes paid for in cash by Off shore folks.. then add in the half a million or more that were bought by hedge funds..