Agree with Pam there about the hard money lender. They do charge a lot for the money - I personally hae a friend who does and knows people from other areas who can provide you with that.
Due to the number of REO (bank owned) properties and/or auctions, I have seen very savvy (key words - very savvy) buyers who are able to buy homes, turn them around and sell them. But they mostly bought it via foreclosure process.
You have to be 'extremely' careful when you do this - do your homework, don't get yourself in a bind.