At the beginning I go to the market to do the due diligence.  

Believe me, I already have the loan application process underway, but i am doing some due diligence to make sure I have back up options in case it doesn't pan out quick enough. 

Download BP’s newest book here some good due diligence in Chapter 10.

Use the same philosophy as on a house, buy used and negotiate.A caution .... when buying a used dump trailer, do your diligence on the vendor.  

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookCouple good reads  9 Reasons You Couldn't Find A Buyer For Your Wholesale Deal Don't Start Wholesaling Until You Read This: Wholesale Advice from a Fix and Flipper How to Start Wholesaling: Getting Past The Education and Into the FieldDownload BP’s newest book here some good due diligence in Chapter 10.

I had another friend who attempted the same thing (in a house that looks very similar to yours) and was unable to get a letter, which was fine because he was in the due diligence phase, but it's something to watch out for.Anyways, hope that helps. 

Pick a house and do your due-diligence before making an offer. 

Now the fun begins...raising capital, due diligence, and financing, among other things. 

Turnkey is the easiest way to get into it, that doesn't mean you don't have to do your due diligence.

Short fuses can work against due diligence.