Newbie llc operating out of Pittsburgh pa

[Nicholas Ladesic]

Hello everyone, I want to start off by saying thanks to everyone who has already offered a helping hand after one day and one introduction post on this board, never thought something like this existed!

I have recently started an llc, with a business partner that we are 50% ownership in. From there we both own an s Corp that will be distributed 50% of all real estate deals that we both make as a team. 

At the moment we have about 15-20k each hard money that we can both use as an investment into our llc ( not including credit cards that we both personally own ).

Should we start our first flip with our own personal capital? We are looking at very low end cheap houses that we can't qualify for a loan, or should we look at some medium end product that we could qualify for a loan? Should we write up a professional business plan and analasys on our first property and try to get private money? Or is this not even an option with no flips under our belt?