I'm new at this investing thing. I just got a mortgage broker and a realtor today. I'm ready to start, but I have a delima. I have a great house I can flip. It's a HUD foreclosure that was forclosed at $146k. It's in a small college town, great neighborhood. It's the worst house on the block in a stable market. It went by today and happened to see the appraiser. He let me do a quick walk-through and let me know the bidding would start tomorrow. Just from that I noticed it needs carpet, paint and up-to-date appliances, but that's all I could tell from that short period of time. When I was talking to my realtor about it, she suggested that I might want to start with something a little cheaper to learn my numbers ("make sure I don't get in over my head"). Now I'm wondering if I should just look for some small condos to rent out for my first investment, but they are in a comperable price range. Should I start with rental property first then move to flipping, or should I take advantage of this opportunity? I'm unsure of where to start to figure out what to bid on the forecloser. I would really appreciate any advice.