It is in a risky neighborhood but the city is paying 1 billion in renovations to the area with everything from parks, bars, new sidewalks, universities, apartment complexes, farmers markets, you name it they are doing it over the next seven years.

If you are not able to analyze and "package" the deal, your first step should be finding someone who is able and willing to do this work.

I would love to make huge first step into a profitable investment like this.

You've already given a lot of thought to your next steps, and you're certainly in good company with limited capital.

If I can't find the owner I can bid at the courthouse steps, should  I get a title search down ahead of time?  

Excited to take the next step. 

Any recommendations on what first few steps to take when starting a property management company.

@Sean Dawson I took the first steps towards pursuing this type of strategy that @bill gulley mentioned in this forum a couple of years ago.

I haven’t started investing in rental properties yet, but one of my steps towards my goal is to glean as much as possible from the seasoned pros here.

@Lane Kawaoka Yeah, getting one to a couple of properties out of state with a turnkey company to get started is exactly how I'm thinking of next steps.