Possible great deal but no idea what I am doing.

[Jesse Pollock]

Hello everybody, I am brand new to real estate investing. I have no experience and what I think is a basic understanding. I have been trying to absorb as much knowledge as possible for some time now, but feel like I am constantly trying to fill holes or am not getting the big picture of things.

With that said I live right next door to a vacant 2 bed 1 bath 1650 Sq Ft house. It is in a fairly desirable part of the most desirable city in my county.  I have talked to the owner in person a couple of times when he randomly comes up for a day to look at it. I just found his phone number tonight with a little digging.

I don't even know if he is willing to sell and I don't know what any repairs look like yet (outside looks fine), but regardless my question is this..

If the numbers are right and my neighbor is willing to sell his property, should I try to get a FHA 203k or just wholesale it. I think those are my only two options at this moment. I have good credit and probably only around 3% down payment with closing costs.

I know this is just speculation considering all the what if's, but I would still like to hear what anyone has to say.

Thank you.