Looking into first purchase

[Justin Willmon]

Hey Everyone, 

Im looking into buying my first house. Im 25 and have the money saved up for roughly 20% down. The seller has accepted my offer at 142,500. I live in Midland, Texas and if you know anything about West Texas, prices are ridiculous because of the oil (even though oil has taken a huge loss in the last year). Anyways houses in midland are going for about $100-125 a sq ft, and this one is going to end up about 78-80 a sq ft if everything goes through. The house i purchasing is in one of the best neighborhoods in my town, so i think there is some value to be made on the deal. 

My thinking is i will use this as my primary residence for now, and essentially try to flip it in a year or two and roll the money i make into different investment properties. My question is what is my best option for a town that the housing prices are so high? Should i go this route and try to flip the house after doing some remodeling, or how would you go about getting started?