Getting a loan just for the rehab process?

[Benjamin Sol Ignacio]

Hey everybody!

I'm brand new to BiggerPockets and have situation that I wasn't able to find in the forums.

My cousin and I want to start planning for our first flip. His Dad said that he would buy the house in cash as long as we pay for the rehab process, which would cost about $10-15k. Together we've been saving but do not have enough capital to come up with the $10-15k. I was thinking that because I have good credit and a good full-time job, would it be feasible or something to even think about, to get a loan that is solely for the $10-15k to rehab the house. His Dad would get 50/50 of the profits, for buying the house in full. We would be the ones to take care of the rehab process. We would profit about $15-20k and use that to roll into the next house, so we wouldn't have to get a loan for the rehab process. And continue that cycle for a couple more to get experience, capital and a track record going.

Does anyone know of such a situation or something similar that I may be able to get advice from in terms of obtaining such a loan or if this is even a good deal/situation? 

Btw, please let me know if what I wrote was confusing or if I can clarify anything.

Please and thank you!

Benjamin

[Bob Okenwa]

Just get a personal loan or personal line of credit for an amount that small