What to do after the NOD is filed?
I'm curious to know the correct steps in acquiring a preforeclosure. I live in the Bay Area and work with an investor who's
acquiring homes left and right. I ask him how he finds the homes, which I know he has a gentleman that supplies him with all the info, but he never really gets to the important stuff. He picks up these homes and the old owners move on while he puts a little money into them and makes a nice profit! Now I think I understand a way to take over a property when it has an assumable loan, but what if it doesn't? Do I have to have the money to straight up buy the property? If thats the case I do have a couple of investors that say they are willing to put up the money if i do the fixing up part. I've been doing construction for over 10 years so I have that part down pretty good. I would like to put a little team together of 3 or 4 people and just pick preforeclosures. Everyone does their little part and we split evenly. Just cause I head up the construction area doesn't mean i don't want to learn the other areas. The way I think it goes is find a property, knock on the door , find out as much info as possible, and of course do a complete search on the home, and then make a deal! Now I know it's not that simple but is it pretty much the idea? I've read lots of books and been to many seminars but it would really be nice to sit down and talk to someone who tells you straight out, "Look, this the right way to do what you want to do." I'd appreciate any advice anyone wants to give. I think with my background in construction and someone involved in REI, there is some good money to be made. Oh, thanks Tanya for the last bit of advice. I'll continue to read the articles and scan through the forums. 
Welcome to TCI
I'd suggest spending a lot of time reading through past posts. A lot of your questions will be answered. There is a wealth of information here. You've mentioned one way to buy. There are others. Read Read Read. Find your niche and do it. If you can spot a good deal, then start small and jump in. That's the best way to learn if you already have some experience.
I'd also find a local RE group to network with.