Rookie in NJ looking for Advice

[Alicia N Ragonese]

Just starting out here in northern NJ. I have one buy and hold property and now I'm looking to flip the next purchase. I received an approval for $75,000 HELOC  at 5.6% for the first year. Now to find a house to flip!  I'm afraid of using all the HELOC money to purchase, I may not have enough to flip. I do have a low interest home improvement credit card at 7% and I have up to 17k to use on that line of credit and about 5k saved.

I'm afraid I'm going to max myself out... afraid I'll buy too low and too much work will be needed... or buy too high and not have enough to finish. I'm looking at 3BR 1Bath homes.. the issues are what's hidden.. for example - wells and septic systems in my neck of the woods (although my husband install septic systems for a living)..

I feel like I've been waiting for this day forever. Should I just go with my gut, do my research and start?! Or hold off and save more money.. I have always gone with the thought process of, "If you wait to have enough time and money, you'll never have enough time or money." So you just need to go for it!!.... 

Any advice/success stories would be awesome to hear!!! 

All for now,

Alicia