With no cash and no credit, you will need a partner or investor to take advantage of the whole array of different kinds of flips. That is not always possible, though. Instead, you might want to choose a type of flipping strategy that does not require cash or credit.
You can start as a scout for someone else, gaining valuable experience and using your fees to build up a nest egg for your own flips. At the same time, clean up any credit problems you might have.
In the alternative, you can do the tenant flip, which involves finding a rental house and a landlord willing to give you an option to buy the property. You can live in the house yourself, or talk a friend or acquaintance into subleasing it from you. Just make sure the tenant assigns the purchase option to you. Read Chapter 4 for more details.
Sometimes property owners will give you 100% financing for a short period of time, perhaps a year or so. Especially if you are going to be making modest improvements that do not involve any demolition, they might be very motivated to let you have a shot at flipping the house. Worst probable case for them, you clean the property, repaint, improve the landscaping, make minor cosmetic repairs, and then default and cannot pay off the loan because you cannot flip the house. The owner forecloses and ends up with a house in better shape than when she sold it to you, plus the mortgage payments during the time of your ownership. Worst nightmare for them, you tear out five walls, all the cabinets, plumbing fixtures and carpet, and then default. If you know this fear in advance, though, you can take steps to assure the seller it will not happen.