3 Strategies I Am Considering - Newbie

[Robert Haviland]

Hey guys - I'm looking to purchase a fourplex or a triplex, however, I have been running three scenarios through my head and wanted to see what you guys thought may be the best route to go. 

1.) Identify a more run down multi-family property that I can acquire for a better price in a upscale section of the city and use 203k loan to finance the rehab and increase rent value/property value.

2.) Identify a more run down multi-family property that I can acquire for a better price in a decent area more suited to my price range and use FHA loan to acquire the property and 203k loan to finance the rehab to increase rent/property value.

3.) Purchase a turn-key multi-family property that I can afford to put a down payment on with conventional financing in a decent area more suited to my price range.

I know that I would need to analyze the cash flow from each of the deals in order to properly to determine which of these scenarios would be the best from that perspective, but I guess what I am trying to ask is which of these three strategies would be best in terms of other aspects of buy and hold investment? For instance, better quality tenants/less vacancy/less leverage/more leverage/ect.

I'm still really in the beginning stages in trying to figure out how I want to go about this. I am very big noob so any and all advice or tips will be greatly appreciated.