Exit stratagies for a flip

[Kevin Hart]

Hey BP'ers I'm in the process of finding my first property to rehab, but still figuring out my financing options. My questions is about exit strategies. I've been searching the forums but couldn't find what I was looking for. So my question is: if I finance with a hard money loan but my flip isn't selling, what's the best exit strategy if my time is running out on the loan? Can it be converted to traditional financing? Considering it would be my first flip, is a hard money loan too risking or should I stick to traditional financing for my first time? I just bought my personal residence in April, so I already have a mortgage in my name. Thoughts? Thanks Kevin