I'd say, aside from reading a lot and learning at first, step 1 is to identify the neighborhood(s) you want to invest in.

Angela Houchens I think if you post the specs we can help identify any immediate concerns to help you out.

I'm not saying this is your problem, but I wouldn't go and fix anything until someone identifies what the cracks are from and if they even need addressed at all.

The 95% rule, any number of replacement properties if the FMV of the properties actually received by the end of the exchange period is at least 95% of the aggregate FMV of all the potential replacement properties identified.

 : )I had to call about 15 attorneys before finding one that understood the process in Illinois and then identify a title company that would take care of the certificate of non-predatory lending exemption and title insurance.The process is pretty straightforward:Have your attorney draft the mortgageHave your attorney work with the title company (In Illinois National Title Solutions will insure you to be in the first lien position)Close with your borrowerThe borrower paid all costs out of their loan amt at closing:Title insurance: $600 (included cert of non-preditory lending exemption)Closing fee: $300Recording fees: $90Attorney's fee: $750I'm happy to provide details if anyone is interested.

Some of this is called external obsolescence or external valuation such as a lot on a lake shore or in an exclusive area, these values can be identified in the market by comps. 

I am currently identifying cash buyers that are already in the area.

So far I have identified TD Bank, Santander (but they have a $250k cap) and Penfed (but they wont offer HELOCs in first lien or if you own more than 4 units).

My rule for REI, which I've learned here, and through screwing up, is "Identify your goal, then focus on the process".Hope that helps.  

As an agent you will have the ability to learn the market, identify trends, and come acoss amazing deals through your marketing, MLS access and even word of of mouth.