Best Way To Finance A Deal

[Saraan A.]

Hello Everyone! I apologize ahead of time for the long post.

I am a complete newbie so please bear with me. I would like to begin property rehabbing and flipping. I have been reading the BP forums, listening to the BP Podcasts, and I am reading J Scott's The Book on Flipping Houses. I also attended my first REIA meeting last month. I have a contractor that is willing to work with me when I start viewing properties. I am hoping to next find a realtor that is investor friendly.

I am trying to understand the best way to finance a deal. I have about $15,000 cash saved up and just opened a $20,000 personal line of credit with my credit union. The rate is 8% and will require a minimum payment of 2.5% of the outstanding balance. I have approximately $45,000 of available credit in credit cards. I am a little hesitant of maxing out credit cards because of the potential hit to my credit score. 

I was approved for the line of credit today and it hasn't hit my credit report yet. Should I attempt to open a couple of more lines with other banks so that I have more available credit to me or would that not work or be advisable?

I am trying to determine if I am a good candidate for a hard money loan. If I am, how would they structure a deal? Do they finance the full amount including repairs and use my cash and personal line as collateral for the loan? Or do they lend a percentage and I fund the rest? Would there be a better strategy for financing that I should consider? Thank you for any help you can provide!