Flipping vs buy and hold- First deal in the Chicago area

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Hi, 

I was able to raise 50,000 private money from one of my friends. I'm debating if I should do my first flip or buy a 3-4 flat at 70-80 % discount  and refinance it after a year. 

I'm very new to real estate (less than 6 months) and haven't done any flips. I also don't have any 3-4 flats but if I would hire a property management company to do the work for me. 

What are your thoughts on buying and flipping a property with no real estate experience? Would you rather buy and hold or fix and flip a property? I've read plenty of opinions on BP's. I'd really want to know the worst case scenario under both circumstances as well as the pros and cons of flipping vs buy and hold.