My wife and I are currently rehabbing our first flip property, a single dwelling, and putting it on the market this summer. Despite the limited experience flipping I have completely remodeled, including electric and plumbing, two personal residences and an 11,000 sq. ft. business location. I am an independent contractor primarily doing warranty work for a mobile home manufacturer for the last seven years but also doing various side jobs through ads in the local newspaper. My wife and I are located in Pennsylvania. Both of our credit scores are mid-700. We currently have most of our money tied up in our personal home and our flip house. We have put an offer on a single dwelling on 21.6 acres. The asking price is $169k and we just made an offer of $150k. The home was built in 2001 and is stone and stucco with metal studs and a metal roof making the exterior completely maintenance free. The owners never completely finished the interior of the home, leaving the interior trim around windows and doors undone. Everything else is complete and in excellent condition. It has a sand mound septic system and a drilled well. The home will currently appraise well and the ARV will be in the area of $185K. I anticipate the rehab costs to be less than $3,000. We have $45k of our own money to put into this opportunity. I have looked into one or two traditional hard money lenders and find our lack of flipping experience and, while we will not use this property for our own residence now, we would like to sell our personal residence early next year and keep this property for our own. While we have no plans to make this property our home until any and all funds are paid off (by selling our current residence ($180k+) and/or our flip house ($90k) this appears to be a sticking point for many hard money lenders. We will have a total of $130k due on a home equity line of credit and revenue from the sales of our two properties of around $255k minus our $130k line of credit leaving us $125k to pay off the $110k one year loan and then have the new property free and clear. Thank you in advance for any consideration and feel free to ask questions.

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