First buy...need advice

[Christopher McGuire]

First of all I want to thank all of you. This is my first post but I read everything on this board and it has helped me out so much. I am getting ready to make the leap I have been studying about for a year now. I do need some advice though....let me give you the layout. I am about to purchase a lake house that is on the market right now for 250,000. The house is ok and the lot is ok, nothing special really about it. The lots around it are going for 225,000. This is why I am buying. The house is very 1970's and needs a LOT of cosmetic stuff but nothing major other than replacing 2 decks. Houses similar in size are going from 400-450 in the area. I think I can get it looking very nice and the way I want for 40 but I am going to plan on 50. I am very young and inexperienced in real estate but I have read all I can read about it. My probem is money....like I said I am 23 and don't have much. What are everyones thoughts on getting a loan where I only pay interest for a year? Im going to try and have it flipped in 3 months. Sorry for the rambling but I am pretty excited and would love to hear everyones thoughts. Thanks