Should I start with a FHA 203k loan?

[Bryan Benavides]

There is a house in my area listed for $195,000 asking price for about 7 months now. It has 4 beds 1 bath 2186 sqft lot is 9,949. Garage is attached 1 space. It needs new flooring new cabinets and other simple cosmetic things. I know I can get this house for a lot cheaper due to it being in the market a while. My question is should I get a 203k loan now? Or buy the house as is then refinance it with the 203k loan? I’m still learning about loans and refinancing, I know the basics but I need a little more understanding on the best way to build equity. Feel free to ask more about the property if you need more info.