You are absolutely right. Most of the time you will need to be pre-approved before you can even put down a ernest money deposit. What I would suggest is to find a partner who has good credit. You do all the leg work and set the whole deal up. They only put up their credit in the partnership. Use their credit to put the property under contract, then flip it and split the profit. The only thing is make sure you are dealing with someone you know you can trust, or make sure you put everything you are doing in writing.
A word about working in a partnership and being the one with out the money. Make sure you explain and confirm with the money/credit person the amount of work you are doing and what that work is worth.
It is inevitable that the person putting forth all the money will begin to feel that they deserve everything. That being said it is also nice to have someone elses money at stake.
In short just be careful and make sure both parties realize the work/risk involved
You are absolutely right. Most of the time you will need to be pre-approved before you can even put down a ernest money deposit. What I would suggest is to find a partner who has good credit. You do all the leg work and set the whole deal up. They only put up their credit in the partnership. Use their credit to put the property under contract, then flip it and split the profit. The only thing is make sure you are dealing with someone you know you can trust, or make sure you put everything you are doing in writing.
A word about working in a partnership and being the one with out the money. Make sure you explain and confirm with the money/credit person the amount of work you are doing and what that work is worth.
It is inevitable that the person putting forth all the money will begin to feel that they deserve everything. That being said it is also nice to have someone elses money at stake.
In short just be careful and make sure both parties realize the work/risk involved