Since there are so many variables involved, including a lot of unknowns (especially for repairs), squeaking out a small profit on your first flip is a big success! 

My budget/supplies are very limited.

Avoid negative am loans, variable rates, calls/balloons and land contracts/contracts for deeds always!

The variables that going into deciding if someone is willing to take action are...(1) Thoughts:  Do you have the information necessary to understand what to do and actually visualize yourself doing it? 

There is so many variables to the question it is not even funny :) BTW this isn't trying to be funny or avoid your question.

Point is you CAN start and get the ball rolling...here's some idea..Lady i pay who put out signs(i don't do this method anymore) $175-300 for like 50-75 signs she supplied them, wrote them, put them out and took pictures of every one.200-400 letters, stamps are like 50 cents, so that's what, $200Paper, envelopes(i like the colored ones)Bought my daughter some "Frozen" toys to help me put on stamps...$15That's it dude...i mean you can do SEO website stuff too, or pay one of the guys on BP who have postcard services to do it for you, as it gets old QUICK.I now pay a lady from oDesk $4/hr to do my research for my list and mail merge list to Word, so all i gotta do is print, sign, stuff and mail.if you do those #$@&** yellow letters by hand you will hate life.

In fact, a Seller need not even supply or provide said assignments if they are in public record.

If you pay 35% percent for a property in a market that is being artifcially propped up by banks holding REO's off market until supply is reduced, then you will likely be holding an property in a market that is still declining.

Until that happens you have a market that has way too much supply.

I'm currently doing the 9-5 Gig as a staff accountant for a major supply company in the Northeast but am interested in getting into rental real estate.