I'm 19 years old and am considering the biggest financial move in my life so far. Reddit, if you were in my shoes, what would you do?

Right now I still live with my parents. Yesterday, both my mother and father came home and asked me to sit down with them. It was clear that they were excited. One of my mother's acquaintances can no longer afford the house that she's living in, and is short selling it on the market for $60,000. It's fairly clear that this is a steal of a deal (after factoring location, number of bedrooms, etc.). They're suggesting that I go for it.

Here's the thing--I'm still in college, and am working part time at minimum wage. Between my savings and their help, I could scrape up enough to make a down payment (the rate of which is at historic lows) for the house (at a price which is also very low). But it would take pretty much everything that I have. I'm told that I could probably make money off of it by renting it out, and then selling it for profit when the market is high again (likely for enough to completely eliminate any student loan debt that I'm presently incurring). It would appear that I have nothing to lose (after all, I could likely short sell myself in a worse case scenario and break even), but just the same, I have no experience with these things. I know almost nothing about home ownership, never mind renting and leasing practices. From a logical standpoint, I can't see any reason why this is a bad idea, but just the same, this is everything I have (and a sizable amount of money from my parents), and I would be putting it into something in which I have zero experience in on blind faith. I'm just not sure what I should do.