Live-In Flip - How to analyze? Good way to start?

[Cody Montgomery]

So, we are looking at an easy way into the rental/rehab/flipping real estate world and though it's only a single-family home, we are trying to "house-hack" it by buying under value, with a good mortgage rate with low down payment... Here's the details:

List Price: $219K

Purchase Price: $190K

Rehab Costs (est.): $60K

ARV: $290 - 310K

Old Mortgage (P/I/Tax & Insurance): $2625

New Mortgage(P/I/Tax & Insurance): $1700

Details: Sought after, established neighborhood, close to schools and parks, in best ISD around, family friendly area.

I have a good income. Our plan is to down-size from our current mortgage + expenses and use the extra budget to pay for material and skilled contractor work. In the meantime we would be living there as well, so our holding costs would double as our monthly living expenses. We would attempt to lower the $60K rehab budget by inputting as much "sweat equity" into the labor portion of scope. 

Am I looking at this wrong or should approach this from a different prospective? Is this a good way to get my feet wet, learn the ins and outs of rehab/value-adding?

Any help is appreciated... Thanks.

CM