It is a big gamble. If your main reason is saving money by taking only 1 course instead of 2 consider that some medical schools require 2 full semesters of physics. If this class would count as 2 full semesters of physics, I would think about taking it at the CC. When I asked my Pre-Health committee about this they said that they greatly frowned upon it... although they were bias.
Personally, having suffered through 2 semesters of physics at my 4-year university, I am really glad that I decided not to take it at a CC. It forced me to study it every day and improved my study habits. Taking both courses (1 and 2) over 2 semesters allowed me to learn the material over a longer period of time. Cramming physics 1 and 2 into 1 summer seems like a bit much.
One final thought: think about whether it is truly about saving money or whether it is about taking an "easy way out"... not saying this is you but several people from my college took physics at the CC b/c physics at my college is a notorious weeder course. If it is truly about saving money and you are willing to do the work to ensure that 1 summer class at a community college is enough to suffice admissions requirements, then go for it.
As for me, I did not think it was worth the gamble when I contemplated this ... good luck in making your decision. 🙂