Want to pull the trigger on 1st flip, but not sure whereto start?

[Tiffany H.]

Hello, my name is Tiffany Hernandez and I am new to the BP forum. However, I have been interested for quite some time in real estate, in particular fix and flip and buy and holds. I have been trying to educate myself and have found a wealth of information on this website. The issue is where should I start? I think the fix and flip might be a good way to start a portfolio versus buy and hold because my Husband and I would be first timers without any experience and I know lenders are not excited about loaning to 1st timers especially if a buy and hold.

An opportunity has recently presented itself to do a flip in my neighborhood. The owner has passed and the son lives out of state and would like to sell the house quickly! The house will definitely need some work as it has not had any updates since the 70's and the property taxes are behind. Houses in the area are going anywhere from 127,000 - 140,000. The son said he will sell for 65k. My Husband and I have been in our home for 3 years; should we look at HML? We don't have enough equity in our home yet, but just trying to see where we should begin when it comes to financing options.

Any help would be appreciated as we have been spinning our wheels for while and just can't seem to pull the trigger!