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. 

I have a hot water tank from 1979 that is still going strong, I don't even look at that thing for fear it will crap out on me. 

Good locationsAdd valueCash flowLong term debtReservesA good recipe with any market conditions.See below for a post on overcoming fear of the market.https://www.biggerpockets.com/forums/311/topics/59...

What did Warren Buffet say - "Be greedy when others are fearful and fearful when others are greedy".