Does Hard Money typically cost 30-40% of the purchase price?? 

Put some money in rehab.

You can also hold money for maintenance, capex, taxes, insurance, or other projected expenses.

I suggest you enter private money goldmine in search botton at top right of the screen and read the previous posts....here is one that gives good perspective as well as a link to legitimate private lenders.http://www.biggerpockets.com/forums/92/topics/1488...

Also, I’m pretty new to this but I’m assuming you’d have to have an LLC in place to accept hard money or money from private lenders? 

I've never had to use hard money before, so I am not sure what type of conditions are reasonable.

I would focus on saving enough money that if I had a deal go bad, then that money I saved was there to cover it. 

Money can be infinite but time is not. 48 years old now.

Transfer from personal name to LLC/Due On Sale ClauseIf one is transferring property title from personal name, a Grant/Warranty Deed would be drafted/recorded to transfer title.

Quote from @Carlyn Chism:I agree with Chris on a lender that might be a scam or make you may so much money interest because of the low credit score that you make $1.00 on the flip or no money.