dream vs. reality

I've always wanted to flip a house. I've been talking about it for years now. Here's my chance. The housing market is in a terrible slump (worst in 30 years) and homes are selling here in Independence for CHEAP! We can afford to buy one and put some money into it to try and sell. The trick is not putting too much into it in case we can't sell it come the Fall. If we have to keep this house and rent it out, we will need to be able to make both mortgage payments on our home and our rental as well. I've done some research. It seems as though these kinds of low-income homes are always selling, even in a depressed market. It's the medium-range homes that have a hard time selling right now.

I talked to Steve about it, and he has agreed to go and look at one next weekend. I think it's going to need too much work, so I've lined up a few here in Independence that might be a better fit for a novice flipper like myself. I don't want to get in over my head; since I will only have the Summer off from home schooling and really only have 90 days to get this job finished.

What do you guys think? I have a handyman. He is a licensed contractor and I've worked with him a little bit around our own home. I quite comfortable with him and I know he's very honest. I think he could do the more professional things and I could take on all the grunt work. Is this doable? Am I too starry eyed? What if we have Anthony this Summer? Can I work w/ a baby? What are your thoughts? I'm a bit nervous, but so excited at this possability.