any advice on home loans

[Arrow Splitter]

well the wife and i got approved for a home loan.the fist house i was wanting sold yesterday morning.but now we are going to look at a house on short sale valued at 200k and they will take 130k to get out of being forclosed on.im thinking it will be a good buy seeing as ther is allready 70k in equiety.in 3 or 4 years i can refinance it take 40k out buy a house i want and rent this one out.today the house is valued for 1200 a month in rent.

what ya think,i know none of this is archery but alot of you guys have been around longer then me.and thoughts are allways welcome

Congrats on being approved, and don't worry about your topic not being archery-based, that's why there's an Off-topic forum.