Pursuing my first fix and flip project

[Allan Lim]

Hello, I am new to RE investing and have been trying to educate myself into pursuing my first fix and flip. I am currently looking at a REO property listed at $239,900. It will need some cosmetic rehab estimated at $20k or less with an ARV of $310k. The following questions come to mind:

1. Is $215k a good initial offer? My maximum offer is $230k.
2. How does someone get started with a hard money lender? What are the requirements? I intend to put in 20% of the total project cost.
3. Is it common to go conventional mortgage if it is cheaper versus hard money for a fix and flip project? I know hard money will be faster and more attractive because it is presented as a cash transaction.
4. What is the common practice to show proof of funds when making an offer to a REO property when using a hard money lender?
5. Time is of the essence here most especially when you are competing with private buyers on a good neighborhood. Is there anything else I am missing?

Basing on my calculations which includes rehab, sales, closing and hard money costs the profit will be really slim. However if I am able to apply what I have learned so far, learn more as I go through the process and hopefully establish some relationship with a hard money lender, monetary value will be irrelevant. Any thoughts or comments is much appreciated. Thank you!