My fear is the money will get spent if it is all in one general account; I want to do this right so when surprises happen, I am financially prepared.  

I want to rent it out to gain experience as a landlord but I don’t want to rent it for too long in fear of a market corrections/downfall.

I am also of the opinion that not investing out of fear is a strategy solidly within the "bad" sphere.  

If your concern with "overpaying" is due to fear of not getting appraised that is one issue, but if you're not worried about appraisal just think about how this deal works with your long term plan. 

Thanks for all your responses helps one feel better to know others have overcome the fear.

I understand that your wife may be worried about failure, but any kind of investment comes with a chance of failure so the risks must be understood prior to jumping in and the fear must be overcome with the confidence of being successful.Since you're starting funds are $0, a HELOC can be a great tool for getting started, but ultimately you will need some kind of funds of your own because you must pay the HELOC each month during the flip.

Looking forward to getting over my fear and getting my first deal done but done smartly.

When you find one that doesn't make you fearful then find out what is needed down and make an offer.

If the biggest fear you have is pulling the trigger then by all means pull it. 

That I faced my fears and had the will to push through, when most quit.