Dear BiggerPockets community,Presently I've been financing flips/rehabs through a secured line of credit.The current lending agreement allows me to borrow up to around $325,000 and my bank will allow me to use this money to finance the purchase/rehab of 2x houses at a time.One of the advantages of having this arrangement with my bank is that I can quickly get POF letters.  

Or are you just in the education stages?

Wel, it all really depends...I kind have this feeling that you really need to know the ropes to go into flipping...the experience to 'spot a flippinging' deal; have an accurate rehab estimates, choose and negotiate with contractors, etc.....see a little too steep for a beginner, of course unless you are really a hands-on person; and even at that, you will need to work with anexperienced rehabber/flipper to learn the ropes.I would rather plan to do a first buy and hold; work though the stages of renting it out.....

You may want to explore purchasing the property under a tenancy-in-common arrangement.

If you really like this contractor pushing the cost plus arrangement, just insist on a "not to exceed" amount clearly in the contract (have a contract/construction attorney) do this.

You just never know what is going to happen, is the buyer telling you everything, did you miss some defects (heating, asbestos, roofing issues, title issues, zoning..... etc).The pressure you put on yourself is great, now that you made a decision to make an offer, you now have to perform, you need to know that the decision you made to buy a property comes with lots of details to get it from offer to settlement or assignment and pick up your check.We as investors expose ourselves to lots of personal obligations, making the deal work, confidence in our action, title work, financing, second stage negotiations and personal interaction with everyone associated to making your transaction work.Charles Parrish

You spruce up the old home, stage it and sell it.

Open to considering everything at this early stage in my research. :) 

I'm in the early stages of hiring an architect.

It would be my recommendation to set up such an arrangement with a locally licensed attorney, and to fully explore the common mistakes business owners make which land them in hot waters.