I'll just throw out that you can go to the Flip2Freedom site and listen to the podcast on "generating $5K in the next 30 days", as it walks through step-by-step on pulling a list and executing an initial campaign.

What would my next step be?

Sure would be nice to have a clear cut answer to that, but there is not.There are too many variables involved, remaing term, credit, seasoning and proven payment history, collateral, loan to value, property condition and the details of the contract including the security assignement and foreclsoure process.Best to get bids, and look in your area for other investors, including those who buy RE, your best deal might well be from a local individual looking for a good investment.

Getting inspections are a good first step to double checking value.

Here's a couple articles that might help you out:How to Be a Landlord: Ten Tips for SuccessHow to Rent Your House: The Definitive Step by Step GuideHope those help some!

We have decided the first step is to learn as much as possible so we know we are making educated decisions.

My question to you all is what are the first steps I need to take to get started?

I could tell a seller that the hill is so step that a cow couldn't graze there and that the property was less valuable to any rancher,he could certainly say it would make a great ski slope!

If you haven't yet- check out this post where I document a recent purchase I made in Aberdeen - How to Buy a Small MultiFamily Property: A Step by Step Case StudyKeep in touch.

Trying to figure out the best next step.