I found a potential property near by for a ridiculously low price that I would like to attempt a flip on but read that the property has some foundation / settling issues.

I have spent the last 8 months listening to all of the BP Podcasts, reading many of the recommendations made on the podcasts as well as within the forums and blogs.

I have read that the competition for REOs is usually high which also jacks up the price higher than it should be.  

Anyone who tries to guess how to fill in blank lines without knowing/reading the whole agreement is just stabbing in the dark.

-We will have to have an employment agreement between me and the company.This all leads me to the final question: How should I request to get compensated (Salary, Commission, Both)?

You need to get a copy of the leases for all three tenants and read them carefully.

Found this site by listening to the BP podcasts and getting ahold of and reading 2 of Brandon Turner's books.  

On your first flip without having ever done it before, absorb what you read, and carry extra.

I just finished reading Finding & Funding Great Deals (twice) by Ansong Young and I am extremely excited to get started!

Filipe - I'm glad you brought up that question, I often read/hear about that very question and always ask, "am I buying it at the original price I purchased it back in 2010, or am I buying it on the amount of loan that is left to pay it down?"