Creative Idea for Financing first deal or Terrible Idea?

[Colton Hamilton]

Newbie here,

I'd like some thoughts/feedback on an idea my dad and I had on getting financing for our first real house flip. I currently have one house I bought and rehabbed and currently renting it out. That house is worth almost double of what I owe on it. I am living in my current home which isn't worth much more than I bought it for. I am working my regular "9-5" job for consistent income. I have a good credit score and good income to debt ratio. My dad has his current house which has a lot of equity in it but doesn't have the ability to go through traditional means to acquire loans (due to past mistakes) so he can't leverage his home but has good income to debt ratio.  My dad is working his job (which is extremely flexible). We are currently brainstorming ideas on how to go about getting financing for a flip. 

The idea we have is, I "buy" his house for what he owes on it and in turn I can use that to get a line of credit for what the house is worth (which is way more than what he owes on it due to him completely rehabbing the whole property) or some other form of financing that might be available to me. 

Sorry if everything isn't completely clear. I will do my best to clear it up when/if questions/responses come in. Like I said I am a newbie and this is all new to me so I am learning as I go. 

Thanks for any responses ahead of time!