Advice Please: Using a Lien as my "Skin in the game"?

[Bryan Walsh]

Hello, a little about me, I've been reading and absorbing as much information about REI for the past 2 years. I have a decade of construction experience and plan on doing as much of a rehab myself as I can just starting out. My favorite part about REI is the deal analysis portion. I'm in the Cleveland market area. I'm looking at getting started and plan on purchasing my first property before the end of this year, i'm looking for a BRRR type of situation but if i find a good opportunity for a flip i'm open to it.

Current situation is I only have about $5000 in liquid cash and I am continuing to save. I have a little over $60,000 in equity built up in my house. I have a bankruptcy that i'm almost 2 years out from and I'm told i'm not eligible for a HELOC for 5-7 years from discharge and a refinance not eligible until at the 2 year mark in October.

I'm just wondering if this is an option or if anyone has seen or done this in the past.

Question: After i find a deal and look into finding a private money lender, since I have no "skin in the game" as it would be my first deal and have very little capital, would a private lender be open to financing 100% of the purchase and rehab cost and accepting a lien on my house with the equity I've built up? I know that they say if the deal is great that lenders will be more than OK covering 100% but I feel that is for someone that has had experience already.

All questions, answers, and/or criticism welcome. 

Thanks, 

Bryan