Your opinion on my property purchase plan please?

I’m just about to purchase my first house with my gf;

We are currently looking around the Belgrave, Tecoma, Upwey (VIC South-east) area as it had the highest predicted growth in ‘The Age’ property magazine. Other factors influencing our decision were the fact that it’s close to where we want to live, while also being in our low price range.

We intend to purchase a house in the 200-220k bracket requiring a bit of cosmetic work, which we will undertake ourselves while living there.

We then plan to sell within 6-12 months, and move on to the next one and do it again, and again, etc, while hopefully generating enough capital to purchase an IP along the way.

Depending on the growth, we may end up keeping one of the original properties and purchase future properties on the equity.

We are on a combined limited weekly income of $1000 after tax, although that will increase to $1500 after I finish my carpet laying apprenticeship in one year.

We intend to secure finance via e-choice.

We inted to obtain interest only loans as we want to keep as much cash free for renovations, deposits for future IP’s and general quality of life and happiness.

All thoughts and opinions appreciated.

Thanks