I have an amazing opportunity to purchase home.

[Ralph Francois]

Hi, I’m new to real estate investment and have a great opportunity to purchase my first home. I’m trying to buy a home from my in-laws and there selling the home to me for 100k the house value is worth at least 200-250k or more, and I plan on making improvements. 

I wanted to know after purchasing the home how soon after do I get the equity, and how much would I get ? 
Also how I could use the FHA 203k loan to make improvements and necessary repairs.
Finally if you had an opportunity like this how you go about it?