Should I renovate to rent or flip?

[David Holleran]

Hey, Bigger Pockets! Appreciate all your shared knowledge and platform to engage with like-minded individuals.

I have a family property with equity and I'm trying to figure if it's worth renting and taking the equity to purchase another property or fix up and flip. The property needs a full renovation and that's where we are stuck. We would like to fix up and rent it out but that will take capital to make the updates, which could be doable with credit and paying off from our w-2 income to eventually rent it out. The other thought would be to borrow capital to renovate and flip for sale. 

I'm ideally looking to maximize the equity value in the home and trying to figure out the best moves to make as this would be my first time. Any feedback or help is greatly appreciated. 

Thank you,
David