Accessing my home's equity for a flip

[Nick Loref]

Hi All, 

I'm new to this forum and very interested in doing some local foreclosure flips. 

I currently own a home which i just closed on a refi after living here 5 years, valued at 550k in which i have about 120k in equity. I also have about 60 liquid, and excellent credit.

The properties in my area may be priced around 400k. 

Could I use my homes equity for making a down payment on an investment property? Which type of loan product should i be looking at? 

or how could I convince family or friends to trust in my ability to make them a good return on a short term loan?