Foreclosure for a first property investment?

[Adam Boldt]

I am looking to buy my first home and rent out some friends using the BRRRR method or to flip after 2ish years when some renovation is finished.

The home I have my sights set on is in MD at around 360,000 for 3 bedroom 3 bath 1500sqft. 5 acres.

This house is a foreclosure with a Zillow estimate of around 410,000.  It will need work in the form of at least new flooring, doors, and painting.

I have around 55,000 saved up for a down payment and wonder if going for a Foreclosure is a good choice and if I should do as large of a down payment as possible.

Other than that I have heard about getting a 203k loan to do some of the repairs. 

Is this a smart plan for a first live in investment? 

How Should i go about doing the down payment and repairs? 

Best way to get in contact with people in my area to get to know Contractors etc?