What would be the best option for financing the first flip? is it ...

[Alex R.]

Going to institutional lenders such as banks and mortgage companies or private money lenders (hard money)

And what does it take to qualify for each with no previous experience

or any other option that you may recommend will be greatly appreciated

[John Mireles]

Just go to a mortgage broker. No experience necessary. Just 20% down, decent credit and steady income is all that you'll need.