First house, appreciate advice!

[John Hein]

Hi,

My girlfriend and I are looking for a house in the Akron/Cle Ohio area. We are completely new to the process besides some basic reading that I have done. Currently we each have about 5k in savings. I am a full time entrepreneur and can make about $500 a month in my free time. She goes to school for chemical engineering and will graduate next May. Anyway, instead of paying 500 a month each for an apartment we have decided to buy. We are not sure where we will live once she graduates but most likely in the same area due to family proximity and ease of finding a job. There is a small chance we could move far away. The number one concern is not losing money. We plan on renting out the house in a year or so but do not want to be held down by it. I am handy with tools and have done some minor remodeling so we are open to a minor fixer upper. Also, we plan on using a first time home owners mortgage with a cosign from my parents. Number one question is, is this a smart decision? Next, where to start? Reading material and advice more than appreciated! I would say that we would like to buy within the next 2 months, within a 30 mile proximity to Akron. Also should mention that my parents can cosign the loan. 

Thank you!!