A great way to start is by attending RE events and joining a local investors association.

Many of the people that come are members of Lifestyles Unlimited so they sometimes talk about upcoming events for members only, but the meeting is open to everyone and they share some excellent information. 

So he bought up several owner financed properties that offered 0% down, and he cash flowed. 

If you are able to lock up deals and you mess up the repair estimate (like most wholesalers), no one is going to buy it and you will be buying too high.

Going to the events page above and seeing who is hosting meetups along with connecting with people at these meetups is a great way to grow your network of people within a small 25-50 mile radius.

In your scenario you'd have a potential tax event on that $200K difference.Here's a creative way to access most of that money tax free however. 

You can use the "website" button in my signature below to set up a day/time that works for you.

I’d fix it up and list it to sell after I’d been there two years to take the gain tax free.

This highlights why it is also important to manage lease-end dates. 

depending on how backed up the county is it can e take a few months for court date. in essex county it took my mother in law about 8 months or so for the full process. she had an attorney, not sure if that sped anything up