HELOC + Crowd Funding Creative Financing For First Flip

[Steven Morris]

I've read up, I've done my research and I'm ready to take action. Right now im in the process of waiting until around October so that all of my personal income is available for investing and I will be 100% debt free minus car loans and house. I have looked around and I think I can pull 20-30K of equity in the form of a HELOC out of my house for investing. I would like to use this as a down payment on a flip, but not sure of the best combinations of financing to do the deal.

I looked and I could go with just a traditional crowd funding loan from Prosper or Lending Club and pull out about 60K in cash, but the problem with that is I have to make payments. 

The other option I looked at was GroundFloor which I found in the bigger pockets directory here for crowd funding, however I believe the interest rate will be high since this is a 0 exp flip.

However, my father has been running a contracting business for a very long time and he will be my main resource when flipping these first few when it comes to the rehab portion. He's successfully completed work on tons of flips for other investors.

Now all that being said, am I missing a better choice for a third financing option? Ideally I would finance the rehab costs along with the house, and only pay interest while I do the flip. If there is another option I would love to hear about it. I don't think private money will be an option considering this would be my first deal.

Thanks!