Construction loan vs FHA 203k on a flip

[Marko Bukva]

Hi,

I'm looking to buy a 3 unit property in NYC and to do a full gut, also there's a potential for another 1000sq to be added to the property 

and that's why i'm interested in this deal. I've never done this before so i know it's pretty crazy of me doing it in NYC for as my first but hey..

Of course i'll be having a very experienced GC to do the work and also maybe as investor.

I'm planning to purchase the property with 10% down as primary and was wondering what would be the next step regarding construction or FHA 203k

Has anyone done a flip with a construction or FHA 203k loan and whats the experience?

Also any experience, advice is highly appreciated!!

Thank You