Should I use CASH for flips or get financing?

[Kyle Handy]

I'm looking to purchase my first flip. I've been a real estate agent here in San Antonio for the last 6.5 years and have a pretty good grasp on values, areas, and how to work my way around the MLS doing CMA's on homes.

I'm looking at starting my first flip with a good buddy of mine who is like-minded and has cash (not a realtor, but works in estimating for commercial construction).

To the point, we both have cash to fund our projects.  Somewhere near 80k combined of our own cash (with the potential to get more, 20-40k though family investor).  However, I'm a total newbie when it comes to creative financing.  I should point out that I just recently started my own Real Estate company last year so conventional 30yr financing is out of the question as I don't have 2yr's of experience as self-employed... However, I have an 800 credit score and very low debt/income.

My question, do we go in this first one together with our cash or what financing should we/I be looking into to conserve our cash and save to start a potential second flip?

Ideally, we are targeting 3br, 2ba $50-60,000 homes here in SA, that when done right would have an ARV of around $110k.

Thanks!