advice for investing strategy in nj dewell properties

[Account Closed]

Hello, 

im trying to do the following. Im looking for a 2 to 4 unit home and i plan to live in one room rent out everything else. I do plan to either rent out by rooms or just by floor. I want to use a FHA loan use 3.5% down on a property price around 250 to 360k. I do want to try to get instant equity even if its 5-10k. I plan to rehab it for around 10k to 30k than refi after 6 months. I have a family friend who does contracting with connections so i know i can get my rehab cost for cheap. i would be focusing on cash flow trying to make 1k a month net profit if i do by rooms if not maybe 600. Should i buy fix up rent than refi the BRRR or use a 203k loan to purchase the property and with that i can still put down 3.5% fha loan? i have about 40k im willing to put down for cash on the property. i am also trying to do the following

1. create a excel sheet to value a property