2nd property w/o closing my 1st yet... am i insane or intellegent?

[Tami R.]

Crazy... or not.
We are waiting to close on our first property - little house for $12k, putting $12 more in for repairs. It's been a wait they are trying to get the title all cleaned up.
Well today my realtor showed us a house in a great neighborhood, 2 bedroom, 1 stall garage (small 832 sq) asking $30,900 - assesed at $49,210 (foreclosure - Freddie Mac), we are going in at $22k for the house and it need about $10k to get it ready to sell but if we were to put carpet/paint in the house for $1k or so we could rent it for $550 easy and then do a lease for 6 mo's then finish it and sell it for $60k - do you think we should do it? payments would be about $325 per mo. No basement - but big yard