Hard Money Qualifications/Strategies for Newbies

[Dillon Francis]

Hey fellow BP members. My friend and I have been discussing borrowing hard money to fund our first deal. We thought about using it for a flip, but are there any other strategies we could use hard money for while still being able to pay back the loan in a timely manner?

Being new investors with nothing to show for, we were wondering what are some of the qualifications we may need in order to secure the loan. 

If a flip doesnt go as planned, are there any exit strategies that one could use to keep afloat with a hard money loan?