Campermom is right about sleeping in a waterproof hammock. There are other concerns.

First, it is designed to be a lot of things. But it cannot do all of them well. After a few nights as a hammock it will be pulled out of plane and will not set up adequately as a shelter. It has no bug net. When used as a hammock it has no rain, dew, frost protection.

Second, you say you are new to backpacking. There is a learning curve. It is safer and more enjoyable if you start with less challenging gear. It you are sure you want to hammock, prudence would advise you to get a turn-key design. There are many. Hennessey is a good idea if you can pick one up at REIs outlet as Campermom said. Hammock Forums has lots of info.