How to go about buying my first home given the circumstances

[Kevin English]

      I am 23 year old pipefitter apprentice out of Boston.  I currently live at home with a great opportunity to save money.  However, with property on the cheap side these days, I feel that it is imperative that I make a move while the getting is good.  I have a plan that makes sense to me, yet I have no real estate experience to speak of, so take it for what its worth.  

I want to buy a house with an FHA loan because I can make the down payment for one of those right now. I want to live in the house while making renovations to it. The market will eventually turn and my house will appreciate. I will then reappraise the house. I am predicting that the renovations and the market will result in some level of new found equity.

         How much or any? I don't know.  I could not find anything online that directly pertained to my situation.  I would greatly appreciate if somebody could validate or disprove my plan, or offer any sort of advice on the subject.