Ask me anything about "Flipping" homes

[Lefort]

So I'm starting a Property Investing firm with a good friend and our plan is to develop capital in the beginning by flipping single family homes. Our situation is that we are both 22 years old and graduating school in April '08. We have 8 months to prepare for our first flip. So far we have been reading books and making the preliminary steps to creating a social network by finding out who we know are real estate agents, contractors, sub-contractors, bankers, etc.. We really haven't done anything offical but we are two very intelligent and motivated people with about $50-80k capital to begin with.

I'm looking for any advice that you can offer us. The most important of which would be to give a bit of a timeline or order of importance of things that we should be doing and looking into. We feel like our first order of operation will be to find a good banker (after some interviews) and from there we will know our best mortgage option and we can start looking into a certain price range in a certain location as well as finding a good realtor.