Best First time home buyers strategy

[Desmond Dunn]

I am a First time home buyer.  I am looking to put my self in the best positions in terms of equity.  I live in Raleigh, NC.  I have two ideas.  

First option is to purchase a distressed Property and use a FHA 203k loan to fix it up.

Second options is to buy some land for around $45k and do a custom build.

Need a house between 1,800-2200sqft

Looking to spend between $210-$230k

Which scenario do y'all think would provide more equity?