Make sure you have the correct ARV, rehab cost, and make sure that the property doesn't have any liens on it because a surprise can ruin a deal and an investor if they aren't prepared. 

I'm surprised.

My 13 year old often surprises me with his savvy negotiation tactics.

You'd be surprised how often they swear it was brand new, then we produce a photo from before work that shows it was not.Regardless, it is extremely important that you give your contractor proper "Right to Cure".

The 1st is 2004 which is pretty old but I've seen many opening bid amounts for foreclosure sales on loans that old that are very close (surprisingly) to the original loan amounts. 

Both states require incomes taxes and I will eventually be searching for a tax advisor in my area to help me with this, but I want to do some "back of the envelope" calculations so that I won't get any surprise tax bombs next year.

You would be surprised at what the bank can do.  

I requested the whole document and when received to my surprise the sellers price was 28k.

You would be surprised how far the prices go down the further you go out.You will most likely want to fix it up without the tenants living in it. 

Welcome @JEREMIAH SANTOS I'm surprised that I was the first to mention this but check out the Meet up thread under network.