We don't have a local real estate club here in Longview, Texas yet so there isn't much I can do in the form of networking at events.Once we figure this out and have a solid foundation to grow our business on, we will take it by the horns and make the absolute best we can out of it!

Obviously getting a solid home that is newly renovated will be important as well. 

It's tough and you definitely want to begin with a solid foundation of education.

While all of this is happening you should be researching how to talk to  clients, what questions should you ask (this will get better as you go along) You can even find local wholesalers, to team up with, maybe they have solid buyers, and they know a great title company, you can bring the deal to the table...I mean there are endless ways to make this happen .5.

@Athol Dickson you seem to have a solid handle on your situation, I wish you all the best in your adventures in hard money. 

@Bill Exeter sounds very solid -- many thanks!

It felt pretty solid, but later when my home inspector (not a pest inspector) probed with a pocket knife, he was able to dig out a little bit of wood.I looked for mud tunnels on the outside of the foundation and in accessible areas of the garage and basement.

Set up a solid foundation then worry about secondary properties after that.

From my research and prior loan experience, I am not too confident on getting a loan large enough to cover this type of property.I would love to do some sort of owner financing that gets him paid and still have a solid cash flowing rental.  

If you can find a deal within the next month or two, I think leveraging that $110,000 with hard money to pick up a flip is a pretty solid idea.