Take it from me - start here and you'll have better results.

I suggest that you use the money available first to set up a proper structure with an attorney, the DIY stuff off the internet accomplished by unaware newbies will usually be inefficient or improper or mismanaged as a result.

You've got to be more specific if you want results @Lindsey TurnerWhat is he looking for?

So many said they started, didn't see results and stopped.  

If you intend to do a basic rehab, then look for recent sales that were in similar condition.Rarely are you going to find an exact match (unless you're looking at townhouses or condos - then it can be much easier), so you (and the appraiser) have to infer the value of things that don't match up exactly. 

The end result is either a hot warm cold landlord prospect If he's hot  I'll just keep sending them postcards.

If you filled out an application for a loan of some sort, it will likely result in a hard pull.

I can just "match them together" .  

Hi @Adam WorthNote I'm not an expert negotiator but have been doing sales for a while now and since I'm still very young I'm noticing that the results you seek out of life comes down to how well you negotiate lol from buying a car, going on a date to everything (at least my experience lol) But this in one of the reasons I truly love Real Estate there's so much information out there for your disposal that you can justify the offer your going to make regardless the amount.Since he's your neighbor don't feel like you're going to insult him because you just never know what that person is going trough in closed doors a ridiculous offer just might make his day especially if he can't financially keep up with it or it's stressing the person out.Regardless just be prepared with facts baking up the offer your making, you can do this buy talking to a Realtor to get a CMA to see what has sold and get a ARV since his home is similar to yours, since you mentioned he overpaid this tells you that he might be underwater or have no equity this gives you an opportunity to ether lease option or some type of seller financing.

When I first approached the attorney that I close my wholesale deals with now, he admittedly explained to me that his response in getting back to me was delayed as a result of him having to contact his title company to see if wholesaling was legal.