Is 203k loan good a good way to get instant equity?

[Bob Ross]

I was originally looking at a multi family for my first deal but recently been leaning towards buying a single family for lifestyle reasons.

I am still looking for this to help springboard my investing career. If buying a single family and do a renovation through perhaps a 203k fha loan, is this a good way to get some instant equity? Then maybe do a cash out refinance to buy a new deal or just keep as is and have a better LTV that the bank would look favorably on when applying for a loan for an additional property?

Any ideas?

Would a renovation even get me equity or just a renovated house that I am paying for?

Thanks