Flipping or Renting New construction upon completion?

[Ben Kirchner]

Curious to those with experience purchasing a new construction, and then immediately selling it, or renting it.  Has anyone done or entertained this for a strategy to profit?

The idea is when construction starts, you're paying a lower price.  By the time construction completes (a year or so), time has built value in the surrounding area.  Through appreciation and/or the rental market, you may be able to sell for an instant profit, or rent for over 1%.  All the while, you haven't invested much money, given you're likely to pay an initial deposit, and not begin paying a mortgage until the construction completes.  My thinking is this strategy could be used both with a big builder, or slightly different with a private builder.  

I'm looking at opportunities like this currently.  The numbers on potential immediate return that I've been given by the other parties involved may be slightly inflated.  Would love to hear from those with experience in this approach to share their insight and past deals.  

Thank you