I agree with @Connor Hibbs's comment on terms for first time flippers and if this is something you want to start doing more frequently I'd look for lenders that offer some type of rewards program to gain better terms through doing repeat business.

Great post @Don Miller , we have spoken about this situation before and although frustrating the reward will be worth the wait.

And Alienation of title is a Event of default. there are numerous events of default..

It will have ups and downs, you will make mistakes, but I have found real estate investing to be a rewarding endeavor. 

I’ve got numerous other examples.  

However as you correctly point out this is far more risky and or its risk capital compared to buying a income property.. but the reward can be strati-spherically higher .. not just a little bit but it can be life changing profits on some of these deals.

The more you have saved, the more options you'll have.The road won't be easy, but it will be rewarding in the long term.

Some of my clients love the cash flow in the east side neighborhoods over by Slavic Village and Broadway selling between 90-110k with rents up to $1,800+, but just really depends on the types of neighborhoods you're investing in and your risk / reward threshold. 

Our portion out-of-pocket was the $3K deductible.I'm friends with numerous apartment owners. 

The risk reward return is not worth it.