First buy and flip yay or nay?

[Jathiyah L.]

My husband and I bid on a foreclosure in auction terms for 25k in buffalo area. There is 2k buyers premium, first year taxes and closing costs. We had a house inspector who was a contractor for 25 years do the inspection. Well recieve the full report tommorow, but the major issues found were

- water puddles in yard-waterproofing/basement company needed

- patch work plus shingle job on roof (we have a family member to do the roof at a good price) 

- water and some mold in crawl space and some rotted wood on foundation 

- foundation issues: put on wood instead of cement 

He gave us a rough estimate of about 25-30k. My husband believes we can get it done for 15k with our resources. Houses in this neighborhood  go from 80-95k

Do you think we should take on the project?