loans/lenders for 1st flip

[Tony G]

This is my situation:

1)I don't have a deal or purchase agreement. In the process of looking for a deal to fix/flip.
2)I have 30K to spend on rehab and down payment, but might need more for rehab/materials. I do have a credit line for 10k at HD as well. My income and credit are above average so not too worried there.
3)I need to borrow 80K for acquisition (that's the max i can buy at because if i have to buy/hold, since it might sit on the market for too long, i can afford to hold the property even without a renter. In the mean time i would still get a renter in there obviously and get some cash flow going. I would then wait until spring time to put it up on the market.

These are my questions for that situation.

1.Since i don't have a deal or purchase agreement, am i just wasting time going to different banks and lenders? I would like to know beforehand who will be lending to me, as well as knowing fees,points,etc., if I do find a deal. I don't want to end up scrambling to find a loan/lender to approve me and end up losing the property to someone else who has that lined up already.
2. Since i am assuming i will be putting 20% down on 80k which will be 16K, i will have 14K left plus 10K in HD credit line. I am going to be more comfortable having another 10K aside just in case for rehab surprises and materials. What's the best way to keep most of my money for rehab and get a 100% loan on the acquisition? Is a conventional loan the best loan for me? If i do a conventional loan on the 1st house can i keep on doing conventional thereafter on all my properties?
3. If i can find an investor that will fund me 80K, what would be a fair percentage to give to him if i'm going to make 15K on the project? It's an acquaintance where i told him what i was doing, and he said he might fund me but don't depend on it. His thoughts there is he doesn't like the whole fix/flip strategy right now since he invests in the 300K+ SFR, buy/hold, hopes to bank when it appreciates strategy.

If my post is redundant I apologize in advance, but there is a lot of information to take in on your 1st flip, as many of you well know :) I would love to get some advice from everyone, so please let me know your thoughts.

Thank You in advance,

Tony