Found a possible flip, total newbie and need a little direction

[Tom Vesel]

Hello,

I recently found BP and have been devouring everything I can from forums to podcasts.  What am amazing resource.  

My wife and I recently (February of 2018)  purchased our first rental, a 3 bedroom condo we paid cash (115k, but appraised for 135K).  After all costs (tax, assoc dues, insurance) we have a positive cash flow of $940.00/mnth.  This has really given us a feeling of momentum to pursue real estate investing (rentals, flipping etc.)

We recently came across a home via word of mouth that an older women has really let her house go (disrepair) and she is wanting to get out of the house as-is.  It is not on the market, she does not have a mortgage, we are talking with the family at this point.  Other homes in the area are going for about 175K in good repair.  This home would need about 50K in repairs and updating to be marketable for 175K.  

I am a smaller general contractor (6 employees) and we specialize in residential insurance repairs (fire, water, wind, hail) so I am very well versed in all aspects of residential construction.  I am very confident in my estimate for repairs.  What I am very unsure of is how to make this happen.

I don't even know how to proceed, do we go the hard money route?  If so, I assume I would need to have the funding pre-approved prior to making an offer so we could pull the trigger immediately?  Is there a resource on BP that has proven reliable lenders?

Do we take out a mortgage on our condo (which we own outright)?  I feel this would take a long time and have many strings attached with a traditional bank?

I am sure this is a no brainer for many of you seasoned investors but for us it seems like a huge hill of uncertainty we need to climb.  We have decided we are going to do this, now we just need to get the plan mapped out.

Any advice from those who have been where we are would really be appreciated!!