First Flip: Should I buy and flip the house I grew up in?

[Christopher Waddington]

Hey guys, 

Real Estate newbie here. I have been educating myself on real estate for the past couple months and am excited to get into the game. 

So here is the current situation. I currently live with my father in the house I grew up in. This house was. built in 1992 and the montage was about 102k at the time, we also had a 50k extension to the house, adding 2 bedrooms and a bathroom, making the house a 4 bedroom 3 bath.  The mortgage is now completely paid off and my dad is looking to sell the house so he can move into a condo near his boat. We live in West Palm Beach Florida. 

We were the first house built on our street as well. All the new houses one the street are nice and Zillow estimates most of them around 400k-450k. Zillow estimates our house around 350k.  It makes me think of "Worst house in the best neighborhood" type of vibe. 

So what I'm thinking is that this house would be a great house for my first flip. I know the house, I know the area and the seller would be my father so it would an easy buy. 

I was wondering what you think of this idea? Do you have any experience doing anything like this? What are some things I should be considering that maybe I'm not? 

Would love to hear your feedback. 

Best, 
Chris