Personal line of credit financing

[Cesar Figueroa]

Hello everyone!  I just signed up and I am really excited to learn more about real estate investing.  Currently living in NYC, my 3 friends and I want to start investing in small properties in the south and do quick flips.  Hoping to buy up 60-70k 3 bedroom homes that need work, dump some money and flip in about 30-60 days. 

My question for all of you vets!  We don't have a lot of assets currently, but we were told that some people go to a bank and get a personal line of credit and buy these places cash with our lines of credit. 

My question is, do any of you have any experience with financing this way?  And how likely is it to get a good size line of credit with a credit score of low 700s?  Also if this isn't the best option, do you have other suggestions?  Aside from friends and family money, as my friends and family are in the same boat as me!  

Thank you all in advance and I am very excited to make some money!