New to REI and a Great Deal is available in my area, need advice!

[Tyler Dix]

Hello everyone!

This is my first post and I'm relatively new to the website but I could really use some advice.

I own my current home and I get out of the military in less than a year, as does my wife. We will be moving to New York to attend college and bank away money from getting double housing allowance, and then using that money to get into REI. We used my VA entitlement to purchase this home so we didn't have to put any money down. She also has a VA entitlement that we could use to purchase a house in the future. Here is where I need advice:

There is a house for sale near us for $34.5k that definitely needs work done. It's a 3bd 2ba 1300sqft, and similar houses in the area in good condition go for around $150k. I'm very interested in this house because if I did somehow manage to aquire it to flip it, I will be in the area for at least 7 more months to manage contractors. My problem is I don't currently have the overhead to support the venture and I am VERY new to real estate.

What do you think my best course of action is?