You hand over a chasier's check for the amount of your bid or greater and they give you a constables deed (tax) or deed of trust (I believe this is what you get from the foreclosure auction).

Originally, I was trying to run my numbers so that I was financing the amount I needed plus the 20% equity, meaning finance $125,000 so that I could pay myself back the $100,000 and have that 20% equity, but the more I thought about it, this didn't make sense. 

This is likely the least amount of work that you would need to do on a property.Is the $40,000 all that you will have saved up in 2019?

I’ve done a good amount of research for a week straight, wanted to know if anyone can point me in the right direction of how to successfully start this journey.

(I would also pay for the monthly rent via my savings/day job – in speaking with the owner, he said it would be a minimal amount because the property needs work).I don't know exact numbers on what the rehab will be, but I've been doing some research on the costs and am working from an average at the moment, as I look up what basic rehabs for kitchens, bathrooms, electrical, plumbing, new roof, etc. could be.

I get a decent amount of vacant commercial building deals but pass because I never know what to do with them.

Even if you can defer them to closing, they will add to the amount of cash you need to bring to closing. 

There is a big learning curve to doing this wellThis type of deal is best done with someone with a decent amount of experience....it can be done, no doubt and be very successful.....but for a complete newbie?

For example, the skiptracing VA does get good phone numbers for a really cheap bulk amount FIRST (@Ryan Blake) and once I literally can not get in touch with the homeowner after having my caller VA's calling each number (30-40% of the leads unreachable) I would use a skiptracing service a pay about $1.35 for each lead ($40 monthly no-contract subscription).

@Wilson Bunton While I am not a licensed engineer or architect, I do a fair amount of work in AutoCAD and Revit to create sketches and construction mark-ups in my day job.