I'd suggest spending a good bit of time reading here. Your questions have been asked and answered many times over. The guides are a good place to start, then search the forms if you need to know something specific.
Best of luck.
@Account Closed - There are far fewer foreclosures out there than just a couple of years ago, so the competition is fierce at every step of the process, so my first advice is to be realistic. Sourcing investment properties is like repeatedly looking for needles in a haystack.
What part of the foreclosure process are you interested in diving into?
Pre-Foreclsosure - This generally involves finding distressed homeowners with equity who are desperate to sell at a discount (an increasingly rare breed these days) through direct marketing.
Foreclosure Auctions - this involves buying properties at county foreclosure auctions after the foreclosure judgment is awarded, but before the bank takes ownership. Lots of competition here as well, and the bank typically gets credit for the judgement amount (mortgage balance + late fees + legal fees + whatever else the court allows), meaning in some counties, you have to bid against the bank and buy for at least the judgment amount.
REO/Bank-Owned Properties - After the bank wins at the foreclosure auction, they typically list homes for sale after a few months on the MLS via a broker. At that point, the properties are fully exposed to the market with lots of competition, and different banks have different pricing strategies (so they're not always a great deal...it all depends).
Recently, I've had better luck with sellers who were motivated by other factors (like needing to sell very quickly, or very slowly). So I'd suggest not limiting yourself to foreclosures; You have to look everywhere and be persistent.
Looking back at the last six properties I acquired for flips, they all came from different sources: one was an REO from a commercial bank (MLS), one was a wholesale deal, one was a HUD foreclosure (MLS), one was a bankruptcy/short sale (MLS), and two were off-market from private sellers (one of which closed in three days to suit the seller, and once of which closed in over a year to suit the seller).
There is no one fool proof source - they all can work, but they're also all few and far between.
working g on a pre fore closure now as a wholesale deal. I wonder how well valu will follow comps. Nothing like it has sold in over 6 months. Surrounded by 500 foreclosures of all descriptions.