Buying vs. renting

[Katie Reborchick]

In a situation where we need housing soon.  We originally had several months, but things have changed and we needed somewhere to live yesterday!

We had planned on marketing for a deal, but with the changes, time is not on our side. With that said, we have been working with a local realtor and found a house that is barely FMV.

Our idea was to fix and flip/hold the home we were going to live in. With the FMV property all expenses would equal what we could rent it for. We also require $0 VA loan.

With all this in mind, should we hold off on buying and rent while looking for a deal or should we purchase this property for our primary residence?

One other additional caveat, the FMV property is in a vastly growing area in a desirable neighborhood which is excepted to appreciate over 5% in the next year.

Any thoughts?