Outline your skills and responsibilities in a partnership agreement and proceedIf it doesn't work out, you can always sell and part ways.  

For purposes of outline I will try to cover the factors that are involved.Value of the property ARV After repair value is usually the mark for the loan to value of the financing.  

It outlines the whole strategy.

Develop Action Plans: Outline the steps, strategies, and resources needed to achieve the 3-year goals.

In most states, there is a very distinct difference between the "Delinquent Tax Roll" and the "Tax Sale List" - which I think @Jeff Zamora was alluding to above.Delinquent Tax Roll: This list contains all the properties in a given county that have missed at least one tax payment (as per @Sean OToole's outline), but these properties have not yet been seized by the county in tax foreclosure (i.e. - in California, I believe property taxes can go delinquent for up to 5 years before they're taken by the county). 

Also the proformas that they will show you are usually too optimistic, leaving out lines like capital expenditures, anticipating too high of appreciation, too low of vacancy, etc.So do your due diligence and visit the operation or you are making a big mistake.  

I'll be using the techniques outlined in Carleton Sheets course to acquire properties for no money down that will still cashflow... and I suspect this will work well in my area since rentals with conventional financing can be acquired with a gross rent multiplier of 50-60.In 8-12 months I hope to have completed 3 rehabs, have $50k in capital, and 2-6 rental units which cashflow $100-250 each per month.

If you follow the plan outlined in Deals on Wheels you can do deals with very little cash and no major reserves.

Like getting prepared, as I'm about to outline.

Most states are now coming out with a mandatory addendum realtors must get buyers and sellers to sign that outline how wire fraud happens and what to do to protect.. too much hiding behind internet and text messaging.. those are very dangerous ways to do financial transactions.