My husband and I want to begin flipping homes. I'm trying to figure out the best way for us to get funded and while I have some ideas, I would love some input as we are new to this. 
Option 1- Hard Money Loan-My firs...

The numbers below make a few assumptions and roll most of the advice you see above in as well.

This way I can buy and rehab and roll everything into a long term loan.

And that the contractor would continue in his roll of finding fixing and reselling and splitting profit.. not that he would go out and borrow money on his own .. and if he has 500k working in most of CA they probably do marry that with some debt.. being that So cal and bay area average prices are well north of 600 to 1mil..  

It’s never felt better to see the reward for putting in all of the hard work associated with my 9-5 job and rolling that into preparing for my future!

We routinely see bad bookkeeping, questionable (or optimistic) rent rolls, and all manner of numerical freewheeling in financials, so make sure the numbers are accurate, and then, check again.  

Other than the obvious of rent rolls and expense sheets, what else should i be asking for reasonably to see if this is an option to buy? 

After closing costs we have $23,000 left in the deal that can look like a down payment in a sales agreement as well as enough equity to roll in closing costs.The payoff is $198,000 and the appraised price is $257,000.I would love your advice on this!!

Is it possible to use the BRRRR principles to refinance and use the equity that we've built into the house to roll into a RE investment? 

Is there any reason I would not be able to roll this into a conventional loan within 6-8 months?