Flip to Myself or sell As Is?

[Leeanne B.]

I own a distressed single family home in Calgary, Canada.  It's in a very desirable neighbourhood  but I'm not sure what to do with it; sell as is (probably a tear down) or flip it to myself.  There is a $100K mortgage but the property itself is probably worth around $400K in this current market. Could I take out some equity, renovate, refinance it and get a better interest rate?  Then I would like to use the equity from the new appraised value and buy another property.  Sounds very complicated to me! I am a complete newbie here, so I would really appreciate any feedback anyone would have, especially if you're familiar with the Calgary market (which is in a slump right now and a buyers market, but slowly beginning to recover, so I would like to do this sooner than later).  Thank you in advance for your replies!! :)