Help for a semi-newbie please.. :)
Derrick (or anyone that can answer this request),
I'm about 1 week away from going active....CAN'T WAIT!!!! 
I'm pretty sure I know the entire process to go through with a pre-foreclosure, but was wondering if someone could spend a little time and write out an detailed example scenario (an average buy for instance).
For example:
1) Find a list of pforeclosures
2) contact them via direct marketing
3) meet with the seller
4) What to look for when buying the house (ie: what ratio of equity should I be interested in?)
5) What to do when I find a seller willing to sell at a price i'm willing to accept?
6) What forms would need to be filled out..etc.
7)and anything that i left off!
I'm sure you guys are thinking "OH DEAR LORD". 
I would find this information extremely helpful in that I have something that I can check my steps with, just to make sure i'm heading the right way.
Again, this doesn't have to be a novel...just quick details so that I can confirm what i'm doing is correct.
Pre-Thanks for your help!
If you are all going to do this, you might as well keep going with
how do you find someone to get in the property and cover your costs.
9) what kinda terms do you do with the person that moves in
10) who is responsible for the original mortgage payment - if you sell it on LC do you collect and give it to the original owner? how do you know he pays it? if you pay it how does the original own feel secure with it on his credit? How does the guy on LC ever feel secure that it will not be taken from under him?
Hmmm...I did seem to leave out an important part (bad thinking on my side).
I guess my main concentration right now is to find my first investment...once purchased and rehabbed, will worry about selling.
If i'm wrong in my thinking process...PLEASE LET ME KNOW!
Thanks for your response!
By the way...I realize that all the ifnormation in the world will not help me unless I actually get out and do something. So...about 1 week from now, i'm going to do this. I have a tendency to talk my self out of things often. I know unless I jump into this head first (of course somewhat cautiously) that I will talk myuself out of it.
This information is partly for education but also somewhat of a kick in the ##$!
Thanks ahead.
realestateprofit,
I guess you missed my point - I am looking for some one to give a summary of the whole process start to finish. I have confidence in my ability to find deals, but then what - I can't afford to sit on a payment.
Ahah...I misread your first sentence..apologies.
are you two both looking to rehab?
Yeah...I am.