Newbie needs help

[David Corvin]

My first post! I'm cringing with the expectations of being told I've no business here, but.. well here goes.

I, along with two people close to me, have been talking about property investing/flipping for many years, but never had the nerve and made the assumption that the housing slump made it a bad time. We've decided to stop naysaying and go for it. We're looking at HUD homes to rehab and resale. I feel confident that we can find a good candidate property, as my "partners" have very good knowledge of repair estimates and both have access to FMLS. We're wanting to make this first flip a joint venture between the three of us so that we can share the risks, lean on each other and have more hands to pitch in on the rehab as we all work full time jobs and then some. Afterwards, with confidence gained, we'll probably individually delv into deeper waters.

One of my partners has already been pre-approved for a loan up to 60k, with the stipulation being that the purchase be for no less than 50k. So, feeling confident that we can locate and choose the right home to make our first flip, and have the money available to purchase it, I'm still ignorant of where or who to turn to for the capital necessary for the rehab and how to apply for it. I've read up on the 203k for FHA loans which is supposed to be rolled directly into the initial loan, but I've also read that it's a very complicated process, which, being my first time, is very scary.

I'm so new that I really don't think I even know the right questions to ask. Any advice from you pros out there would be like mana from Heaven! Please opine on any fallicies you notice in my logic as well please. Thanks guys!

David C.