Just Getting Started In Illinois
I am brand new to the real estate investing world and I am trying to find out more information about something called "bird dogging". Does anyone have any information about this or know where I should get started.
Willing to learn 
Chante
Chante,
There is a beginners/birddogging TCI forum that may have some of what you are looking for. If you are asking what a birddog does, it is someone who finds deals for others and is paid for what they deliver. The "what they deliver" will determine the amount they get paid.
bill- this response is from a newbie as well and I am responding in hopes of getting an experienced opinion on what I am about to say.
My opinion is with the scenario you just gave that it is not really the deal you are looking for if your goal is just flip the property and make $$. To wholesale (and someone please correct me on this) means you find a property where the seller is highly motivated to sell (moving due to job, lost job and cant afford pymts, divorce, etc) and you get into the home at a very low price. You will also have to know the market area as well to know that you can turn this into profit. If the value of the home is 150k and you try to sell for 160k to make money you will have a hard time. Look for the home with a value of 150k and the seller "needs" to sell NOW and only owes 115k-125k. You could offer 130k (depending on any improvements that need done and you can negotiate these). This leaves you a lot of room for your profit margin.
Any responses to my suggestions will be greatly appreciated!
I believe the formula is:
65% X ARV - repairs - carrying/closing costs = what you offer.