Combination financing for a Flip

[Ken Eck]

After reading, "Investing in Real estate With Little or No Money Down," I wanted to ask this, probably very beginner, question to anyone that may have experience using this tactic for someone who has little money outside of a Home Equity Loan (which would pay for the rehab- LTV 70% roughly 50G). This would be done for a potential flip, full asking is 49900.

Has anyone ever financed a property with say a 5/1 ARM, with no money down (is that possible?), paying PMI to lock up the home then used a Home Equity Loan to cover the rehab and is this a preferable option?

I have been crunching the numbers between this, a hard money loan, a personal/Home Equity Loan and a straight personal loan and if I'm doing them right, it is the cheapest option of the 4.

All houses in the neighborhood and directly adjacent are worth 125-150g, I'm looking to put enough into the project to get the ARV to at least 125, within reason of course.

If more info is needed please ask.

Thanks in advance!