This tutorial shows you how to create bumpmaps and envmapmasks the correct way!
All you need is a texture editing programm with the vtf plugin for it and VTFedit.
You could use special bumpmap creators like the pgotoshop plugin, SS_Bump, Crazy Bump or other stuff. But i prefer VTFedit, because the photoshop plugin is a pain to work with and the other two require scaling the image down to 1024x1024, the result WILL be a bumpmap, but it lacks detail
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My Website: https://sites.google.com/site/mrfunrealmods/
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Steam: http://www.steamcommunity.com/id/funreal