Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

You might want to check out the Ultimate Free Beginners Guide Your question is very general.

The place is in bad shape and will ultimately need about $60-$70K in repairs for us to flip it when they move out in 3 years but for now we're just making incremental repairs while they live there.

In fact, this is a risky deal, a deal that's ultimate value will depend on what others do in the area over the next five years.

Take some time to build the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthereCheck out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Brandon Turner put together a great read The Real Estate Agent's Ultimate Guide to Working with Investors http://www.biggerpockets.com/renewsblog/2013/08/24/real-estate-agents-working-with-investors/ Download BP’s newest book here some good due diligence in Chapter 10.

I think a great way to begin using BP is to read the Bigger Pockets Ultimate Beginner's Guide to Real Estate Investing as Josh and Brandon did a great job with it.And now that you're here we'd love to see you be an active member of the BP community so be sure to set up Keywords Alerts for your local area such as "Mankato" or "Subject to" if you're looking to find potential opportunities for investing or education in a subject.

Yes, I would highly recommend both the Ultimate Beginner's Guide and the Book On Flipping Houses.Using material prices is one way to come up with an idea of rehab costs.

Also check out BP Ultimate Guide to Screening Tenants and you should be starting off on the right foot.

Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.Good read The Real Estate Agent's Ultimate Guide to Working with Investorshttp://www.biggerpockets.com/renewsblog/2013/08/24/real-estate-agents-working-with-investors/You might consider Niche or Specialized Housing like student housing or vacation rentals.