Question about lenders

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Hello, 

So, I've been hearing people say that you can have lenders give you $50k and so on. Since lenders would most likely want to be senior lien holders, how does this make sense? If someone were to give you $50k to fix and flip, how would that work? Coming from California, this doesn't make sense to me because of house prices. I guess my question here is that unless the house is going to be bought for around $50k, what can you do with only that much money from a lender? Rehab money? Can you combine with another loan from another lender?