Help to get us started!

[Jeffrey Davis]

Hello BP Nation, 

Two friends/co-workers and I have finally made the decision to get into real estate investing. All of three of us have good to excellent credit, and one of my friends has what I consider to be significant savings through his parents - he has around a half million in savings. The other friend and I have minimal savings, but we have been studying real estate investing and determined that the friend with savings would help all of us reach our goals quicker. We want to start out flipping, then move on to buy and holds.

We feel that forming an LLC is our first step, but after that is where we are wondering the next best option. Do we see if a bank will give us a line of credit? Better to pay cash for a property? What would any of you do in this situation? We are in/around Baltimore, MD. Any suggestions are appreciated.