This could potentially be my first deal!

[Vlad Noland]

A friend of mine wants to sell his house. It's 3 beds an 2 baths at 1500 square foot. He bought it for $62k and still owes $55k on it with monthly payments of about $570. He's done his own renovations and updates, along with a shed. His goal is to make at least $15K - $20k and I'm looking to profit at least $5k. Similar houses around the neighborhood are going anywhere between $70 to $80k. 

My situation is this. I can't take out a bank loan due to credit, (I'm a student). I have no more than $5000 to work with. I'm interested in renting the place if I do get it. I want this deal bad. What's the best thing to do here?