How are first time flips funded?

[Daniel Mawyin]

Hello all, I am interested in starting a house flipping business. My background is in construction and remodeling so this sounds like a good path for me so far. I am completely new to Real Estate Investing and I am in the research / education part of my venture. 

Here are some questions I have. Any additional feedback with regard to getting started is very much appreciated. 

1. What type of funding / loan options would be best for a flipping project?

2. What are lenders looking for (credit, down payment, etc.) with regard to getting approved for the loan? 

3. How much money (%) should I plan to come up with in order to be taken seriously by a lender. 

4. How / where do you find funding for the rehab costs?

4. How do you determine if a certain neighborhood / area is good for a flip?

My credit is bad at the moment and I do not have much money to invest. I hope to purchase my first flip by the end of 2015 assuming that I can get my credit in order and save enough of my own money to make it happen.

Thanks everyone!