Below is some high level info. on how they work.  

I would be getting this house for 35% of low conservative comps.

Low taxes, and affordable units.

Heres what i did, and i could have took the long way and i havent had any deals yet but ill break down my trial and error and the method i feel will work best for me.first, i searched zillow for homes that are selling for low cost, found the owners and mailed yellow letters of course-the problem with this is, a lot of these homes still have loans on them and probably bank owned already, the owner still lives there, theres already a realtor on the job, just way too many obstacles, i dont expect to get any calls from those letters but you have to start somewhere.next, i started searching on auction sites for homes that did not go up for auction yet or the auction expired-again, the problem with this is the homes are 9/10 bank owned. while some of them are foreclosures theres still extra loops to jump through.I considered buying lists of vacant homes and stuff but i am the most frugal person you will ever meet lol, its not that i cant afford to buy a list, its just that i know theres a different way and plus whoever made those list had to have someone else generating that list for them.

I have a background in wastewater treatment, I also have some experience in multi level business. 

That was the safest low risk way for me to feel my way through a flip.  

Rentometer is telling me I'm on the low end of the bell curve but I don't know how much to trust that web site.

It's a little strange but these days commercial financing can sometimes be more cost effective than what an owner would do unless they're willing to accept a really low interest rate.The situation I see a lot recently is a retiring baby boomer with plenty of equity.

Cost will be what @Marc W. said and this is based on level of finishes you want as well. 

Kevin Manz ,I bought a book, here on bp, called The Book on Investing in Real Estate with No or Low Money Down.