If you don't find something in your area, expand your search and talk to more realtors and other BP investors in those areasYou will need to form an LLC (minimal start up costs and just my suggestion but it would be smart to talk to a local RE attorney...I'm not an expert)Talk to a handful of lenders in the areas you are looking to do business and get pre-approved; this will give you more of an idea of how to further narrow down the top of the funnel as you prospect propertiesFind a realtor in the area and explain what you are doing; get signed up for automated daily emails with the criteria on the properties you are selectingAnalyze, analyze, analyze - create an easy way to figure out if each property meets your hurdle rate, cash on cash returnMy partners and I analyze at least 5 properties each every day.

Most of us learn by making mistakes and when practicing a very narrow form of real estate law, which is exactly what your license is for, it's best to make as few mistakes as possible.

Obviously, when I narrow down my selection, I will do a proper DD with an O&E report, BPO, and LTV, property condition, property value, payment history, possible exit strategies, etc. will be critical in my decision making process, but I am trying to figure out whether this example note is a good financial investment and then be able to run the same analysis on other notes and compare them to select those that seem as better options.Also, I didn't know there is a ROI formula in Excel...

If a contractor says they will fix A, B and C within 3 months for 25k, is there any way to prevent them from saying oh, sorry, A, B and C will actually be 30k, we also need to do D and F which will be another 15k, and it'll take us 5 months?)

In any case just start learning as much as you can through books and BP and narrow down to a strategy that works for you.

When I first started I went door to door and delivered flyers myself, it wasn't until later did I learn to simply staple a rubber band to the flyer and make it a door hanger.

I was unable to find this scenario, but if someone is aware of an existing post or can help, I would be very appreciative.Background:-Established an LLC with a partner and bought a single tax parcel of land with 2 existing buildings on the property (1 multifamily building in good shape and fully rented - Building A; 1 in substantial disrepair - Building B)-Financed the entire purchase (both buildings) under a single blanket mortgage secured by all of the assets of the LLC-Worked with an attorney and the city and had the buildings legally separated; No loan modifications were made (or required)-Did a full rehab of Building B and turned it into a multifamilyNumbers for Discussion Purposes: -Building A market value $225K; Tax basis $115K-Building B market value $450K; Tax basis $225K-Blank Loan outstanding $325KQuestion:I now have the opportunity to sell Building B for the assumed market value above.  

You have narrowed it down to two options:A) Payoff your house because that's conveniently what you owe on it.

The One Thing by Gary Keller and Jay Papasan is a great read for pushing focus and narrowing down your goals.I am also a partner in a small tech firm. 

Listsource lets you narrow down your potential sellers list by providing various criteria such as equity percentage, last sales year, bedroom count, etc.