No Clue Where To Start
Ok, I'm 19 years old and have been very fortunate to have an investor willing to split any profits with me if I can find the deal. (Invest is my mom's boyfriend and really just wants to help me succeed)
I've been to a couple sermons, read a few books but I can never find information on the actual process. I have the mindset, but where can I go to find the value of a house? I can find the foreclosures but how do I know what it's worth other then an un-educated guess.
Purchasing the house isn't really an issue, my investor has good credit and a large sum of cash. How do I know what's a good buy and what's not?
I have all sorts of time I can dedicate to this. If anyone can point me in the right direction it would be GREATLY appreciated! I've been reading these forums for quite awhile but still can't seem to get the specific info I need.
Please Help Investors! 
I use what is called the comparable method to determine the value of a certain property. I simply estimate market value of a possible investment property by comparing it to similar properties that have sold in the area. Keep in mind that no two properties are exactly alike, you should study the differences in the comp properties and make adjustment to bring their features more in-line with your subject investment.
It is a give-and-take process that results in a figure that shows what each comp would have sold for if it had the same qualities as the subject investment.
I get all my comps from real estate agents.
You can also use what is called a cost approach. This is where you take the cost of the land, and then the cost to replace the improvements is added. And you deductsfor depreciation if necessary.
This is a very simplified explanation of 2 lengthy evaluations
You're lucky because Maricopa County has an excellent website--http://www.maricopa.gov/assessor/ParcelApplication/Default.aspx--where you can find assessed value, recent comps if available, etc. Just type in the parcel number, address, name, whatever.
Your investor should want you to tag along and learn whatever he does, and you should be eager to do that. If you're interested in foreclosures, go to a few of the foreclosure sales at the courthouse--they happen every weekday--with him; if he doesn't know about them, drag him there. Talk to the wholesalers who are present; most are buying for their companies which are happy to resell them to you and even lend you 80% hard money at 16-18% if you buy. Some properties will be good, some not so good. Visit a few, get your bearings. Notice the ones you visit that sell or were sold quickly, and make notes about why that is the case. You might want to limit your area at first to, say, Mesa and Tempe or you'll be driving all over the county.
There are also some good classes at the Arizona School of Real Estate--I think that's the name--that are mostly geared towards Realtors but that can be useful.
Always be mindful of the dynamic here, too--that he's your Mom's boyfriend--and be ready for the day when that may no longer be the case. Learn what you can while you can. Who knows, it may work out great and you'll end up helping their relationship and getting your own career jump-started!
Ask questions. Don't get discouraged. I wish I'd started at 19.
Thanks for the advice guys! As far as the future of a house goes we have a legup on that. My investor runs a civil engineering business so he usually knows what the city is doing/going to do at any one location. He has done the rental thing before and has a basic idea of how it works but is pretty much leaving it up to me to find the deals.
I did manage to find a link that allows me to see all recent sales of houses near a property I am looking at, but it seems like at best the asking price will be $10,000-$20,000 below what I would say is market value. I haven't been able to visit the houses yet, but if they are in good condition is this something worth buying, giving some new paint/maybe carpet and reselling? Or after taxes/interest is it not worth the hassle?
Thanks again everyone!
-David Frost