Fix and flip can be a risky business. Check and see if there is a real estate investors club in your area.... Network with other investors who do this regularly, before you jump in full board. Read books by real estate investors, learn some of the horror stories and be sure you have the stomach for it. Find a bank to work with....very few are willing to work with investors right now unless you have signifcant cash down. Be sure you can handle the house payments if it isnt rented.....you never know what you can wind up with and how many months your home could sit vacant for a plethora of reasons. Whatever you think it will cost to fix the house, add 20%.... Find a realtor in your area who is familiar with foreclosures, has been in the business for several years and one who owns several investmnet properties themselves.....
Be sure to factor in all costs of the fix and flip.....loan costs, fix up, interest, utilities, taxes, maintenance, HOA fees, capital gains tax, commissions, title and escrow, legal etc etc etc
Those shows on TV never factor in these costs...and it gives a very false impression.
Finally, if you are in one of the Nations sluggish markets, unless you acquire AMAZING DEALS, like 50% of retail, be prepared to be a landlord for awhile!