renovation loans

[JJ Jones]

Hello to all BP members... First let me start by saying that i value the advice that so many of you knowledgeable investors have taken the time to share with first timers such as myself who are anxious to learn, grow and succeed in REI.

My question i have today is concerning renovation loans. I'm currently in the market looking to purchase property in my area in the range of $40k-60k with the purpose of rehab and flip. I would like to know if it is a common strategy to use a loan for rehab purposes or when doing these flips would it be ill advised to use a loan this early in the game. I recently read about a homestyle loan but I'm not very familiar with it. Any feed back from all you experts here in the BP community will be appreciated.