Somewhere around 2012, I was approached by a large publishing company that worked with one of our clients, an economist/author, to do a course on non-performing loan buying.

First figure out the cost to resell the property, say it was 10% to sell with commissions and closing cost and some wiggle roomSo costs to sell our $20,000Now you need $10,000 in rehabGo to your REIA and ask for people that have money in their IRA that they want to get 10% on their money and get paid in three months instead of 12 monthsUse a custodian like trustetc.com for the private lender candidate to set up a self-directed IRANo you have access to $10,000 for the rehabLet's say you want to make $10,000 as a joint venture feeSo here are the numbersRemember it cost 10% to sell or -$20,000 costs to sell-$10,000 in rehab-$10,000 for your joint venture feeTotal is $40,000 from the 200,000Seller nets at closing on resale $160,000 loan-----StepsBuy the property on a private first mortgage, $160,000, no payments for four months, due and payable upon resaleCreate a second mortgage for the private lenderCreate a third mortgage for you the joint venture partnerFix it, list it, sell it  for $200,000Everybody gets paid at closing, Low risk for the private lender

Also, First Tuesday Publishing sells a book on purchasing properties in default that's a bargain at under $50.If you try and do it all, you will quickly burn out and do nothing well.

My recommendation would be to start reading as much as you can here on BP, and try to get a little bit of general background on the house flipping process before you try to dig in to specifics like finding out if it's in a flood zone.BP publishes two great books on the topic (disclosure: I'm the author):http://www.biggerpockets.com/flippingbookYou would likely find those very helpful if you're just getting started flipping...

After one or two successful deals with us, we will loan with everything payable upon sale of the house.The problem you’ll likely face, Robert, is that you have no money and no experience – red flags for most lenders.

Here, not only should the tenant get a copy of every signed document (lease, addendums, rules, Lead Based Paint (LBP) disclosure from the LL, and check-in/check-out forms) if the property was built before 1979, they should have received a HUD published pamplet about protecting your family from LBP hazards.

I work in the accounts payable travel dept.

you want to sound professional on the phone.i have one that i will be publishing in the future that works for me.

If you leave the service or retire, the loan us due and payable immediately.  

This software is so affordable and has features like: automatic payments from your tenants bank account, tenant screening, publishing vacancies to sites such as realtor, zillow, Craigslist, etc., and keeps individual spreadsheets for each of your properties.