@Jeremy Karja the reason to use a HML to acquire vs going the traditional route is simple.  

I have a long time friend and colleague who only does traditional type loans.  

But traditional banks like Wells Fargo are typically harder to get FHA financing with because of the nature of the properties involved in these transactions in the sense that they often need work and can't close quickly like cash or hard money transactions.

They operate more like traditional banks based on my experience.  

But a traditional Mortgage lender may not.  

My PPR investment was made with my Traditional SDIRA.  

Or if you find a flipper you can trust and are more interested in learning on this first deal than making money (which is also a decent strategy), then bring them in to look at the property under the condition that if they buy it you get to "ride shotgun" on the deal all the way through to learn, and they may or may not toss you a small "bird dog" fee for turning them onto the deal.One other option, if you can get it for that (or a bit more, say around $400k) and finance it under a traditional loan, could you comfortably afford the mortgage payments?

Hi Scott,We would be happy to help you with traditional or portfolio financing.

@Jay Hinrichs - I'm not sure if you'd call it traditional flipping but there are streets near me in East Memphis where older homes are being razed and huge, modern homes taking their place.  

It's unlikely traditional lenders will do that, so you may need to ask friends and family for financing.A HELOC is a pretty good idea, presuming it's already in place.