Want to house hack and start flipping..but I am not handy?

[Yvette Chung]

Hi guys

I am hoping to get your advice here. I am in the process of looking for a small MFH (2-4 units) in Philadelphia and in which I will be occupying one, and renting out the rest. I plan on using an FHA loan to finance the property.

I have a couple dilemma though....

1) I don't know whether I should try to find a property in a more expensive (relatively speaking) property in a "better area"....or one that's cheaper but in a potentially C+/B- neighborhood. Along the line of this, does anyone have any advice on the Overbrook area (19151, near Morris Park) ? Trulia map shows the area in green yet the reported crimes near the property seems to be quite often? I plan on checking out the neighborhood in person tomorrow but would love if anyone could give me pointers.

2) I really want to flip a house - using a FHA 203k loan. But I am not anywhere near handy...(like I wouldn't know where to go to turn off the water if i had to[ok, that maybe slightly exaggerated, just slightly]). In other words, if i buy a property that needs TLC or rehab, almost ALL of the work will have to be done by a contractor. In a case like this and for someone just starting out, would you recommend I even consider this route? Or should i just look for a property that doesn't need much work, if any.

This would be my first property and I am really afraid of making stupid decisions.....I know I will be making mistakes and that's just part of learning, but I really want to prep myself enough to reduce that as much as possible.....any help or advice you can offer would be greatly appreciated!

Thanks BP community! 

[Yvette Chung]

Thanks for the advice Matt Motil ! I completely forgot the fact that lender would require approved contractor to do the work. But in hindsight it's probably better that way since I don't know how to do anything anyway. I will certainly use this chance to learn though!