First time flipping a house - Need to knows

[David Neubauer]

Hi all, 

Over the past year I have been gathering knowledge on various different types of real estate investing. In particular, I am interested in flipping homes. That being said, I have never flipped a home before, so just hoping to collect some information for anything I might have overlook or need to know before I make the jump. In particular, is there any software/tooling which is typically used to analyze & find tenants, analyze deals, and used to find a local realtor who specializes in real estate investing?

As of now, my general plan is to find a local realtor online who is experienced with real estate investing (and has investment properties of their own) to help me find a good local deal (goal is 20-25% return on ARV), get a hard money loan, aiming to rehab/repair/extend the property with my father (both have construction experience) within 4-5 months, and as for the loan exit strategy either sell or rent (depending on the deal). Lastly, hoping to do all this under an LLC. Thoughts on this approach?

Last point I would like to mention is that I am current renting, and I plan to purchase a primary residence within the next 2-3 years. Is there anything I need to consider for how my plan may impact the future (not qualify for first time home buyer incentives?, etc.).

Thank you all so so much in advance!