How long should I wait to buy an investment property?

I'm 23 years old with really bad credit. I have lots of late payments two repo's and a bankruptcy that went through in Janurary. I was lucky to get financed for a 2004 ford explorer with $2000 down and $315.00 a month which I am still paying on time. This is a breif summary of my situation. based in this would it be possible to get financed for a home? I am looking at buying in Camdon Arkensas. There are lots of homes from $9000-400,000. I want to start small homes, 10,000-40,000; fixem up and rent them out. Is this a good plan?