Help! First Potential Flip

[Brittney Lundeen]

Thank you in advance! I would really appreciate any opinions or suggestions you have to offer! I've been researching, going to meeting, living/breathing real estate for the last year, and I've been looking for my first investment. I've been leaning towards a buy and hold, but after seeing this house tonight, I'm thinking it would be a great flip!! I would love anyone's advice, please take it easy on me though, I know I have a lot to learn!

3 bed 2 bath single family home, built in 1900. 1,544 square ft. Detached 2 car garage. Forced air. Window air conditioning. It's a foreclosure, and the it looks like the owners just got up and left. Definitely needs a good cleaning, but it has amazing potential. Gorgeous hardwood floors, crown molding, built in buffet in the kitchen. 

I would say it's maybe a C+ neighborhood. It's definitely not scary or anything, it's in a pretty quiet neighborhood (West St. Paul). There is a smaller apartment building next to it, but the house is on top of a hill with a driveway and lots of trees between them. Normally that would scare me, but I really don't see it being an issue. It sits on top of a hill of a dead end street with only 2 other houses, so it feels very secluded. 

Here are the details:

Asking price: $110k

Closing costs: $2,500

Rehab: $20k

ARV: $200k

I know it's a big part, but I'm still figuring out the financing. How do you guys finance your first flip? The hard money lenders I've been looking at require fees up front, factor that in with the monthly interest payments, closing costs, etc. I think I would need around $15k just to finance through them. There has to be an easier way..?

I'm sure I'm probably forgetting some information in here, just let me know! Thanks in advance!!!