I am watching a HUD deal closely right now and getting close to making an offer.  

I would also like to do my first business deal with somebody so I can learn an gain experience from that person.

Just as a reminder in addition to the interest rate, amortization schedule and fixed period of the loan, inquire about: 1) Prepayment Penalties (In case you want to refinance in a few years), 2) Possibility of Rehab Funding, 3) Reserve Requirements, 4) Personal Guarantees, 4) Rate Adjustments (i.e. at the 5 year mark) to understand other variables in the loan product that works best for your project.

@Joseph Lombard The HELOC is best described as personal short term financing.

I have good personal credit (~730-740), average-high personal debt (mortgage, student loans, vehicles,) and I am employed making $90k/year.

I have to do a little more due diligence before I feel comfortable with sending them any of my personal info.

But definitely something to watch out for.  

Pre charge your tenant and watch the meter.

If you have cash, know that 99% of wholesalers will have low repair values and high ARVs that don't match the actual data or upkeep of the house.Also, ask if this is being daisy-chained, meaning are there other wholesalers or investors in the line between the person offering you the deal and the seller.

I personally would approach this with a self assessment.