Flipping: From shell to livable or from livable to fancy

[Miguel Torres]

Question for investors who have had multiple flips.

Do you find that your profit margins are higher when buying a shell, rehabbing it, then flipping to a landlord of first time buyer? Or...

When you buy a home that is already livable but you want to upgrade it to make it modern and fancy?

I know there are a lot of variables missing here but I just want to know what I should steer more towards for my first flip. Shells are easy to find but require so much more work during the rehab process, while Livables are rare at a good price with heavy competition, but a lot less rehab worries.

Looking for suggestions.