I have about 20k to my name and I dabble in a fair amount of investing and stock trading.

Also be sure to check the restrictions in the banks P&S contract, sometimes they restrict you from selling within xx amount of days and/or above a certain % of purchase price.

I mean, it doesn't make any difference to them, you're paying the same amount upfront either way.

@Jim GoebelThanks for the replyYeah i knew it would be a tricky question to answer as it is a very broad and i have tons of question regarding the matter and most of them come down to the amount of money needed to get something like this started and the time.

Basically, it's the purchase price plus rehab costs, and whatever that amount is, you can still put down 3.5% . for example: Purchase price is 150,000, rehab costs are 35,000 which equals 185,000. 3.5% of 185,000 = 6475.00 down.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

@Sanjay Gupta  Yes, definitely talk to an attorney for that, especially for that amount of money being lent. 

It would certainly save a tremendous amount of mess.

Some people that I know who do similar jobs don't because the amount of money they would spend on lawyer fees would cost more than the lost. 

Best of all, given the low loan-to-appraised-value, you might be able to avoid giving a personal guarantee to a private lender.The real question here is how much this deal actually makes you, in relation to the amount of time and effort involved.