Foreclosure Financing

[Dan Baker]

I'm currently renting at a very low monthly payment. I have about $24,000 cash saved and have found a foreclosure at what I believe to be a good deal. The home is in a highly sought after area and is in great condition. The one catch is there is mold in the basement. I would like to do a FHA 203K loan with this as my primary residence. After the renovation is complete I'd move in here. However if all goes well and the home is fixed at a reasonable cost is there any limitations on me for selling the home. My thought is I'd move in however I'd like to throw the market up for sale to see if I get any hits. If I find someone willing to buy it and I can make some money I'd then sell and just continue to the rent, pocket the cash and start a business venture thereafter. Is there any legality issues doing this. Basically my plan is to live but if a good deal comes up I'd like the option to sell.

Some added info
24,000 in cash
Maryland Residence
$60,000 yearly salary
Excellent credit rating