Conventional v Hard Money Loan

[Mick Misra]

I'm planning my first fix & flip and have a question on whether I should use conventional or hard money lending. I hope all the BP'ers can give me a little advice on my first fix and flip! Basically, I'm in the process of lining up an equity investor. My thought is that equity can pay for the down payment. After that, I'll need more cash for the rehab costs. If I raise enough equity for the down payment and rehab, should I generally just stick to conventional financing for the rest of the purchase price? If I can only raise enough equity for the down payment, do I need hard money finance for the rehab amount or are there conventional loans for the rehab as well (taking into consideration this is my first fix and flip)? When should I use conventional finance and when should I use hard money? I know that, in general, conventional is best, but are there situations where hard money is the best (or perhaps only) option? Thanks in advance for your responses!!