First step is a title search.  

Hi,I have been interested in real estate for a long time, and this website has great information.I have been driving around and taking note of distressed properties, my next step is I try to find the owners information and call them to see if they are interested in selling.I finally found a very motivated owner that wants to sell, the problem is they are asking over double the market rate for the value of their property. 

It sounds like your best first step is to research your local banks and credit unions and find out what options you have, so that you know what would happen if you bought with a mortgage rather than cash with a refi.

If more people would start stepping up and saying they are going to do the right thing regardless of what others are doing we would not have have had to deal with the past crisis and also any future crisisies. 

I don't know exactly all the steps for each of the calculators, but I think you would get a lot of value by starting with some basic calculations and learning those first: Income, Cash Flow, Cash on Cash Return, Cap Rate...  

Welcome, glad you are taking steps forward toward REI and changing your future.Good Luck!

You have to do other steps first (regardless) and have something to protect (for example, the mortgage note itself will act as a deterrent since there isn't much equity to collect, and your other assets might be protected as homestead). 

First step, learn how to spell it..

You already have legally salable lots, you just are completing the steps to actually sell them separately.

:So what would a first step be in my situation?