Assignments

Roy's list, above is a really solid list of steps. I just wanted to add the importance of following them in order. Many people, just getting started, want to go find a property first, or find an agent first.
The purpose of building a list of cash buyers is that they will tell you exactly what it is that they are looking for. It is illogical to go looking for a property when you don't know that you will have anyone who will buy it. How can we get paid in that situation?
So find and qualify your cash buyers first, build the list until you have at least 4 to 5 cash buyers who are all looking for the same basic type of property, and then go shopping for those people, focusing only on what they have told you that they will buy from you, and nothing else.
Then go find an agent, and provide them with a list of criteria based on what these cash buyers told you they want. Make sure the agent knows that they need to filter what they provide to you as lists of properties to match your list of criteria. And in your own searches you will use the same criteria.
With these things accomplished, you are ready to find properties, you know what to look for and what your cash buyers will buy when you bring it to them.