In your opinion, which are the "steps to follow" when approaching an unknown investor to offer a deal?

That's step 1.

Make sure before you step in that bank that you prove your case.

Check out this article: https://www.biggerpockets.com/member-blogs/10776/72492-choosing-the-right-us-market-to-invest-in-the-4-step-guide-to-successAlso, you can make or lose a lot of money in any market.

Truly, the quantity and quality of data today trump all the prior ideas of what was necessary for a credible result or not.A curious thing however, where some of the old ways that were considered sound and reliable are now proven impossible.

Once you get down in the single digits, the numbers might not work... you'll have to check.If you can get past the hard part about HOW you can afford it, then the next step is to get a contractor (or 2 or 3) in there to get you a quote on rehab.

@Erik PilonHaving a CPA on your team will be able to answer the questions you have, provide confidence that your return is prepared accurately, save time, provide steps to lower taxes, etc.

Make both parties (you and the owner) happy and have sound mind knowing all necessary steps were taken and no one feels screwed.

One article that may be of interested is: https://www.biggerpockets.com/blog/cheap-free-steps-today-pro/

thanks a lot for your feedback.I have some close family and friends that will invest initially and hopefully with a proven track record other investors will join.