Good morning guys!!!

So really quick guys would like to get some feedback from you experienced rehabers. Initially this wasn't even the approach I thought I would take as my 1st project in real estate but after connecting with a cousin I haven't spoken to in quite some time I've come to the realization that it might not be a bad idea to join him in a rehab flip project. Apparently his being doing this quietly :) for quite some time now and his done well for himself. If we move fwd with this deal this would be his 3rd flip. Since he holds a side job and has lived in his properties while he fixed them up he moved at his own pace. His 1st flip he made about 40-50k, his 2nd about same and now his is looking at his 3rd which i am thinking about joining him. Long story short guys, we found a fixer upper in the Morris county area of NJ. My cousin has lived in this area most of his life and knows it really well, the house is in a good area near schools and shopping centers. The house needs mostly cosmetic fixing, siding,windows, floors, bathrooms kitchen etc. Here is the kickers guys my cousin does a lot of the work and has good connections for getting cheap hands to get the house done quick and a lot cheaper in about 3-4 months tops. We then want to put in on the market. His agent his worked with for about 20 yrs got his house sold in about 2 months. 

So guys here is my major concern and please excuse my ignorance if it comes across that way but most of the subjects I have been educating myself on where to buy hold and rent I didn't expect for this opportunity to arise but it looks like a good one and its happening fairly quick. 

So here is the deal guys I had quick conversation with my cousins agent and she tells me we cant use a 203k loan so she puts me in touch with one of her colleagues for another type of "rehab loan"  as she called it. I get a call from a guy who after talking to him found out this was a hard money type of loan. He is offering full financing for the home and rehab cost except for down payment which we would pay 10% down and 10% interest on the loan. The way I understood it is I will only pay 10 % interest on whatever amount I use for that month for the rehab portion of the loan.Now he also said he will open up a llc and I would just pay the state fee. He will also run my credit even though he mentioned I do not need stellar credit which i do happen have just in case you need to know :) He was able to get me a pre-approval letter right away. I mean the guy moved quick (I Also do plan on going over the facts with him again)

Question is what other loan options exist besides hard money??? I mean i have good credit and some savings for down payment but a conventional loan is asking for 20% down vs the 10% down for the HML but then again conventional wont cover the rehab cost and 203k is out question since i am not living it. Essentially I am trying to figure out which is best way to fund this thing???

Today I plan on digging up some of the great calculators offered on the site to run the numbers but here is the jist of it. 

• The home is listed for 100k we offered 132k. Its a single family 3-1. 1200 sq ft.
  

• The budget estimate for the rehab cost is about 70k ,we strongly believe we can get this done for about 50k maybeeee a little less.

• ARV for the home is around 300k, homes in the area are selling in range of 280-330k. We are also thinking of adding half bathroom on main fl which should add some value and also adding heating and coolant.

• Taxes in Morris county avg around 5k a year. Insurance about 1200 a year.

Again guys we plan on getting rid this thing in under 1 yr. Ideally 6 months but only thing that can hold us back is the selling of it more than the actual rehab because my cousin and I are confident we can get this done is under 4 months worst case scenario 5-6 months if we run into unexpected "surprises". Always have  to be ready for this type stuff JUST IN CASE.