<human>: Can you condense the text into three sentences or less?

So, I had a big bomb dropped on me this weekend and am looking for some thoughts. Some background info: I'm a 23 year old college grad and have been at my current job for 1.5 years. I'm only making 30k, but have an emergency fund saved up and some stocks, thanks to currently still living at home rent free. My student loans should be paid back within the next year. I'm dating a long term girlfriend, who plans to move in with me after she completes her master's program in teaching this May. She'll be 80k in debt.

This weekend my parents were talking me and told me they have the opportunity to buy a house nearby for 130k. This house is in okay shape, but needs some work. My dad is a handyman and he figured it'd be about 30k to fix up. (He along with myself and other family members would do all the labor) The house is appraised at 220k by the county. (I assume this will increase after it's fixed up) It's 3 acres of land and a split level home with 4 bedrooms and 3.5 baths. They are going to buy the house and either flip it, or let me take it. 

The loans would probably go into my grandparents name, as they would be helping to purchase it. I would just pay them back with slightly higher interest then what they are putting in. We aren't 100% sure on the financials yet, but we are working on figuring that out. We are also working out how it would work if (unlikely) my girlfriend and I were to break up. I guess the house would be sold and we would split the money, but that would have to be something we talk about and put into writing.

Ultimately, I can have this house, make payments and sell in X amount of years and make a profit. Is it worth it at this point to buy a home, especially with an opportunity like this? Anything unforeseen that I'm not thinking about? (I know the cost of utilities, insurance, taxes and all of that is in play). Any advice is appreciated.
<bot>: I can buy a house for cheap, sell eventually for a good size profit, but I'm not sure it makes financial sense.