To Flip or Not to Flip?

[Brandon Hunsaker]

Hey all,

I'm wondering whether or not I should pursue a flip. 

A little background on my current situation. I just purchased my first property a month ago, which is a SFH with an accessory apartment. I'm living in the accessory part (2 bed 1 bath), while renting out the upper (3 bed 2 bath). I'll also be renting out the second bedroom with me as soon as I get new paint and carpet in there. It will cover my mortgage and then some, allowing me to live very cheap. I work full time as an RN right now, and have a rotating schedule that would allow me the time to manage a project.

I know I couldnt get financed on my own for a flip, but I just spoke with a friend of who has money and is willing to fund a deal if I manage the entire project. I just started J Scott's highly recommended book about flipping houses and have been learning as much as I can about it through the podcast and forums here. I dont think anything will ever fully prepare me for the challenges of flipping, except jumping in and getting experience. 

For the first flip I want to find something that is very cosmetic, or at least doesnt require too extensive work to help give me experience. 

Is it a deal breaker that I just got into a house and wont be able to refinance it if I'm unable to sell? Do you think its just too early to jump into a flip? 

I would appreciate any advice or tips about things such as: exit strategies, financial advice, finding GC's, etc. Thanks for your help!