Need quick advice about an investment, please

[Cortney Chaite]

Hello!

I've just started doing my research/education and was not at all prepared to actually buy a property, but I just found a great investment opportunity. It's a foreclosure (I'm very familiar with the area, pricing, etc. I even rehabbed our own property years ago and it's almost an identical home). However, I need to make a decision very quickly on whether to take action on this or not.

I may be able to come up with some hard money to purchase the home, but I don't have that in place yet. I've figured out my numbers and what I would need to purchase the home for for a profit. 

Here are my questions:

1. I don't have a contractor lined up - what are best practices for this?

2. If I do get a private loan, let's say for $500k, what does this look like in terms of return on their investment? How is it paid out, etc.?

3. What kind of paperwork/contracts are available for me to use to make a contract with my investor?

3. What are the tax implications for me? This would be my first rehab. We currently own a home in the same area. 

Thank you! (I just joined Bigger Pockets two days ago so I haven't had time to look through all the resources yet, and I need to make this decision by tomorrow, so thank you for your help!)

[Jason D.]

@Cortney Chaite probably not what you want to hear, but if you aren't ready to buy a property, by your own admission, you arent ready to buy a property. Other deals will come, when you are ready. Better to let this one go.... you'll be further behind if you buy a bad deal than if you wait until you're ready.