Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsWishing you the best! 

Fill in the foundation below.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.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

@Tyler McKendry If you haven't already, see this excellent article on how to evaluate deals:http://www.biggerpockets.com/renewsblog/2010/06/30...Like others here, I find it difficult to understand how this deal makes sense.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

See http://www.biggerpockets.com/articles/969-real-est...http://www.biggerpockets.com/blogs/3/blog_posts/38...2)How much do i need for an option fee (3-5%) How do i explain why this is different then a security deposit?

The best place to start is with The Book on Estimating Rehab Costs...http://www.biggerpockets.com/flippingbook

Here are a few recommendations for you: Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

Fill in the foundation below.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.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/Wishing you the best! 

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsWishing you the best!