Need help figuring out my finances.

[William Kelly]

I sat down with a REA and explained to him that I want to do a fix and flip. I explained this will be my first deal and how I've been studying Real Estate for some months now. I called USAA to get a loan but he explained that USAA doesn't normally give out fix and flip types of loans especially if the property needs extensive work. What loan company can I go through to find the right kind of finances for what I need? I have 35k liquid cash and am looking to purchase a fixer upper in about the 30-70k range with the ARV looking to be maybe around 120-140k. The REA said I should look into setting up an LLC. Where do I go to setup an LLC? And what exactly is it? He also said to look into opening a line of credit with the bank to show proof of funds every month? I don't quite understand this. Now that USAA ran my credit score to try to get a loan am I suppose to go somewhere else and have them run it again? Won't that lower my credit score? I didn't have my contractors in line but I figured I would call them once I got to that stage. It seemed like I wasn't quite prepared to talk with him but since it's my first property he was asking a lot of questions that I was I didn't know because I'm new to everything. It was pretty intimidating.