Purchase under LLC, fix, and buy as FHA?

[EDWARD M.]

I've come across a couple distressed properties that I believe would be good for fix and flip. However, I was thinking if it was possible, I would think of buying under LLC with private investor money, fix and sell to myself with an FHA loan. This way, I'd sell for the least possible amount and already have some equity built in after buying the house. Does this make sense and is it possible? What kind of risks are involved here?

I've been searching for my first investment (rental) property, I'm in the North Jersey area. However, I was initially searching for properties completely renovated with limited income thresholds unable to sustain expenses such as maintenance, capex, etc. I was not calculating correctly. I was also told I should find something with some wiggle room, allowing for me to make some light reno and build some equity in the home. I need advice!