First Deal Need Some Help

[Eric Aultz]

Well I am new to real estate and have been learning everything I can for the last month, I ran into a GREAT deal and I'm trying to get some advice on what to do.  My best friend owns a construction business so rehabbing a house will be pretty easy with this connection.

The Deal: It is in a PREMIER location in my city where most homes don't stay on the market for more then a month.   Will  be buying a house that will sell for 200-210k ( on less then a month) or rent for about 1800-2000 a month.  Sell price is 125k recon will be around 25k. 

So the question is where to start? Should I buy the home and fix it up to rent or flip it.  The reason I ask this is taxes. Going to talk to my attorney about the different options but eager to know now and maybe strike up a conversation on different ideas of how to handle the property.  My goals in real estate are to buy and hold but with this kind of opportunity I feel like I can take the 30-40k  and start buying more homes???