We are out of state with no background knowledge on the area really. 

(Website, knowledge, team, ... etc).

I have written about this topic extensively, much of it on the BP blog ;)

So I will let you know once I get a good grasp and knowledge about the area.

can anybody share there list of what there is to know about note investing and how you can put that knowledge into an excel sheet for calculating all your numbers and formula's

Fairly extensive rehab. 

You can learn a TON investing in your local market and then take the knowledge when you go out of state. 

Alternatively, you could work with other investors who are looking for funding (ie Memphis invest), they don't require you to put 100k+ down to invest, or JV with someone who has more experience and knowledge than you. 

Knowledge and understanding the game.

We are hoping to tap in to the BP knowledge for creative financing terms that would be beneficial for both parties.