Where are you finding a huge $50,000 house? I'm assuming it's been foreclosed upon, which probably means there are liens attached to the property. There is also a strong probability that you will be buying the property "as is", and that whatever loans you are taking out to pay the mortgage definitely will not be enough to renovate. Further, relying on roommates you aren't positive you can find is a horrible idea. Would you be able to afford to live there by yourself? If no, you are taking a huge risk in buying that specific property.
It's also never smart to buy a property you absolutely know you want to sell in 3 yrs. Nobody knows what the market will be like, and buying real estate you can't really afford in an economy that's not too hot is not the best of ideas. If it's a place you could see yourself living in for more than 3 yrs, and you can afford it regardless of whether or not you have roommates, go ahead and do it. Otherwise, don't.
the home was not foreclosed. it was an add on to sweeten a deal to a non-profit based out of detroit.
i would be able to make payments by myself if i recieved a fixed mortgage over 30 yrs, but idon' want to be tied down with no options to pay it off early.
worst case senario i have no tenants, can't move out and am stuck there for longer than expect with similar debt i would accrue from simply renting.