It would be a good material to start with.

I have been soaking up the podcasts and reading a lot of material on investing in the real estate market.  

This is what makes this very tough for a homeowner to buy something to live in. as they get lazer focused and it never goes to sale. they waste time and energy chasing it.And if its LA if there is any equity at all you will have massive competition..For due diligence simply order a preliminary title report for a few hundred and that will tell you the story.. some auction sites will publish the TSG  but not all.good luck

But, regardless of whether you are an owner occupant or an investor, if you're not helping the asset manager get close to the numbers he or she needs to hit, it's tough to have a property offer accepted.

Now the comps show it could sell for 73,000 and asking the realtor and another investor could rent out for 700-800 a month the going price right now is 25k so that gives me 48,000 of wiggle room for my rehab, financing cost, monthly fees, and closing cost now talking with some of the contractors int he area since it is a 956 sq ft house the time it will take i'snt long but as for some of the materials I'm at 3,590 for some of the materials (not flooring, drywall, trim, windows) now before I call around what can I look at cost wise for new windows and frames, fixing the cracks in the walls and ceiling, and adding central air and getting the slope fixed?

Is it going to be tough to finish the deal... yes, absolutely.

It's a tough industry, and skepticism is expected and welcomed, but there's nothing to fear. :-) 

I guess getting started has always been the tough part for me because I've never really known exactly where.

The positive side is that I get discounts on materials and some at a deep discount, but the negative side is that my yearly salary is on 25k..

., nice job, the tough part is done!