I live in a rental that I may consider buying to flip it...

[Eric Espinosa]

should I? 

That's my main question. I'm living in this house for a year now, lease is up next summer. I've been told I have the option to buy it, but it needs major updating. This house was built as what they call here in Houston, a spec home - meaning bare minimum necessities to get the house done. Standard windows, no tec shielding to conserve energy, basics in every bathroom and same in the kitchen, plus I think it may have some foundation issues. Home I was built in 2002 I believe. When I moved in, the landlord put in new wood floors all throughout the 1st floor. Nice but I know they didn't lay down any underlayment to protect from the cement right beneath it. I saw as they did it. 

Home has so much potential to be better. For starters an even paint job would be nice. Master bath can be redone so much better. Updates for all other baths and kitchen as well. Some new windows would be nice too. Since I'm in the home theater business, home has big potential to add home audio entertainment throughout. Granted I know that's not what sells homes, but I think it's a good incentive, especially since I get to do it all myself and enjoy it while I live here. 

Basically I figure this may be a good place to start at plus I'm living in it now. Take the time needed to do all the upgrades and enjoy it for some time before we sell and move out. 

Good idea? Or would I just be wasting my time? Advise?