As a full-time agent I spend 60+ hours a week finding deals, networking, lead generating, performing thorough due diligence, preparing property profiles, studying the market, writing/submitting offers, bidding, negotiating and marketing.

Another angle, be prepared to show you will not utilize the property, even for storing your stuff or as a second home, buying in the name of a business entity will help.

You can only prepare so much until "preparing" turns into procrastination. 

If you are looking at doing Multifamily, I would prepare a resume or a book of your past properties.  

Depending where you live in Michigan, prepare for severe winter weather.

Then, you can run your analysis unless you already have and have decided a "must have" purchase price to make the deal work.Google "short sale package" and you should be able to find lists of the documents you'll need to prepare and obtain, including the seller's permission for the lender to release information to you.Hope this helps ...

These types of properties often require a different strategy though, so investors should be prepared to act fast to secure the best home price.

What matters is what you like.In the meantime, save money and live frugally to prepare for your first investment.Don't get ocerwhelmed

You may not complete the necessary repairs now, but you have the information so you can prepare to finance the needed repairs.

Tracy prepare yourself that things are hard.