Advise for a newbie in the flip game. Hard Money-Hard terms

[John G.]

Hi All

I am new to the BP forum as well as flip and was hoping to get some feed back on best practices to get the ball rolling: I have looked at a few properties but realize I might be going about this a little off. My game plan is to utilize both my own cash as well as " hard money." Do you suggest I secure a line of credit before I look at any more properties? 

Most lenders are looking for an expense deposit (1 national company is looking for $2,500) to cover their cost of due diligence and establishing line/loan.  I know hard money can be expensive ( pts, 8%-12% plus every fee they can stick in the agreement ) but the expense deposit appears to be excessive to to get started.

I appreciate all feedback