Flipping with a Conventional Mortgage?!?!

[Michael Robinson]

Hello BiggerPockets Community.

Let me first apologize because I haven't done much research on this topic, which seems backwards but I will go back after posting this and dig through discussions (don't shun me please). I'm just so anxious that I couldn't help myself. 

I have my eye on a property that I think that has a decent upside to it. Due to not really knowing any hard money lenders or not feeling too comfortable with creative financing. I've opted to mortgage the property, put down my 20% and use the rest of my funds for rehab. Comparing the comps in the area, if done right it would be the larger of the properties up for sale or recently sold at the time of completion so I could be looking at a nice little profit for my first time. 

My question to the community is, is this a common way to start out flipping in order to gain capital for future deals? What things should I pay close attention to so that I don't get caught in a pickle during this process?

Also, if you know any one who may be able to suggest a decent mortgage broker that has worked with a first time borrower that would be awesome and GREATLY appreciated. (I'm fresh out of a credit rehab if that matters)

I have to move quickly on this too.. I noticed that the other comps were bought and flipped by the same guy, I'm just hoping he's waiting for one of them to sell before buying the one I'm eyeing. Thanks.