what state are you located in? if it isn't maryland or florida, look into the numbers do some research on it...see how much is owed, is it in foreclosure, how far behind? Need to talk #'s what are the comps? use a quick reference 1st to see what the numbers look like, then find out the amt of work needed to bring it up to rental standards, safe, and then find out what rent is going for in the area, if the numbers work  if there seems to be a profit margin amount you get it for + repairs=__________find the comps and go mid way get the ARV on the property after repair value of the home how much you can sell for if you are looking to hold the property then you will need to estimate the holding cost if you are wholesaling then you will not be buying the property you will be assigning it to another investor,,,make sure the numbers work if you are doing either if holding  and renting you want to be able to make money every month on the rent.vs mortgage payment.......Hard money lenders and private lenders are the way to go with keeping the property. My suggestion is all newbies should wholesale until they are in the business for awhile, wholesaling is putting the property under contract  and assigning it to another investor for a assignment fee, there must be good numbers for someone to buy it though,,,,do your due dilligence 1st'

congrats on taking action and being new,,,,,,,,

Be blessed Patricia