Borrow down payment to fund a flip

[Gregg Fratto]

I have 30k in the bank and thinking about borrowing 40k from family member for down pymnt and going to a hard money lender for the 80% purchase price w/100% for rehab costs.

Ill use the "borrowed" money from the family member for the D/P and closing costs, keep my 30k for monthly payments to the "bank" and purchase a house for 110k, 50k rehab and fix and flip property ...pay back family member + 10% and "bank and profit 40k ...does this sound like a good idea ?