First home investment, foreclosed a good buy or a trap?

[Andrew Smith]

Hi everyone, 

I have a question regarding a first home purchase. I am looking to purchase a very cheap home located in Pontiac Michigan, one that will allow me to stay afloat with the little money I have. I want to live in it, and slowly flip it as the year goes on. My  questions is buying a foreclosed home a bad investment or idea? If not why, and how do I go about purchasing it? If it is bad, why shouldn't I go through with it. What are the red flags with something like this. 

Also what would be the best way to get an investor to help me purchase it? I practically am done with my lease and am  looking to purchase a home asap to live in. 

I'm in college as well would this be beneficial to me when it came to loans? Should I have roommates live with me? Paying rent?