Banks typically charge a higher rate of interest on an investment property than a owner-occupied home. Establish a relationship with a lender before you try to buy your first property.
Before you buy a real fixer-upper, be aware that some properties are in such bad condition that banks will not loan you the money. The risk is too high. Don’t get stuck making an offer, giving the owner a non-refundable deposit, and then be unable to borrow the cash you need.
Your best bet is to get a line of credit on your existing home and use that for the down payment on your flip. When you sell the flip, repay your line of credit. Don’t use the credit in your existing home to pay the entire purchase price of your flip, especially if you are new to the game.
Ultimately, you should strive to flip enough houses that you can set aside a pool of cash for your purchases. There are two terrific advantages here. One, you will save a lot of money by not paying bank fees and closing costs. Two, cash talks with buyers. If you are competing with another buyer and you have cash, you will have an advantage in getting the house.