The good news is if you are financially stable and have an extra $25,000 or so in the bank as reserves, it should be a fairly safe deal to be a first time one to learn the ropes.

In between your busy career, and me trying to get mine off the ground, I'd like to discuss your SEO techniques as well as flipping.  

Better safe than sorry. 

@Chris Martin @Steven Hamilton ll, I read somewhere where you don't necessarily have to be a "Lending Institution"...I think it was under the "Safe Harbor" rules though.(?)

Here is a short podcast I did on a few techniques that might be a little helpful for you. 

During the last downturn, the full-time flippers got into a situation where no deal seem safe and it was hard to find financing for deals, but guess what?

Your down payment will be the investment you have to make in order to make the house safe and the instant equity back to the note holder that provides. 

They won't just lend because you found a home- they want a well thought out plan for growth, a safe investment criteria and some risk absorbed by you - so they are not in 100% on any one project.

On an old house it's pretty safe to assume - if it hasn't been updated, it needs to be updated.

Worst that can happen is they say no, so offer rock bottom prices that will keep you very safe if the market slips by a few hundo.