Advice for purchasing flip

[Eric Nunes]

Hi All Looking for some advice on the best way to proceed. Two friends and I are looking to flip our first property. We each have a house and could get a line for 100k each. We are hoping to be all in at less then 300k. Should we use our combined lines to make cash offers and rehab? Should we apply for conventional loan and just use the line for down payment and rehab? Do we have to setup an LLC first? Would banks even approve mortgage for llc? Are there any NJ lenders that are used to these type of scenarios? Any feedback would be appreciated. Thanks