Lake Home - Flip

[Brent Furtado]

I am new to real estate but have an opportunity that i feel is worth exploring.  I am interested in purchasing a soon to be on the market 2BR home on a lake that is in need of a lot of work.  This house has a very high potential to be flipped for a profit due to its potential low sale price and location.  It is going to need a complete overhaul on the inside due to water damage from a recent flood.  My question is whether or not this is a good project to start out in this industry.  I have limited income coming in now as I am a full time student but have a good amount of money saved for the down payment and repairs.   Where this will not be my primary residence I am assuming that this is not going to qualify for an fha loan.  This would be my first home purchase but I am confident that this house project has a high potential of profitability which in turn will help me in my future purchase of my primary residency.  Any suggestions and input would be much appreciated.  I am very firm as far as my interest in real estate, I just know the importance of getting off to a good start.