Doing a Live and Flip in Indianapolis -- Any Advice?

[Matt Speer]

I'm about to purchase a property in Indianapolis, IN and want to try out the live and flip strategy. Below is my ideal outcome.. Please chime in with any advice you have that might help me save (or make) and extra few bucks along the way. 

• Will most likely use an FHA 203(k) Loan
• Will target a home that's in need of repair in an ideal neighborhood -- between $80-110K purchase price with an estimated $20-50K in rehab
• I'd like it to be a 3 bed 2 bath or a 4 bed 2 bath
• I'll rent to friends during the process to at least break even on mortgage plus expenses (and live free)
• I'll sell with some forced appreciation after 12-18 months -- ideally at least $20K in profit