203k Loan vs FHA w/ Out of Pocket Rehab??

[Kenyon Berry]

Question for the seasoned investors. Looking to purchase a Live-In Flip and make extensive repairs. Would it make most sense to go for a 203k FHA or just a traditional FHA and make rehabs to the property out of pocket over the course of my time living there? My thought would be to go traditional FHA route and pay rehab cost out of pocket so when I go to refi I can pull as much equity as possible but curious on what are some you guys thoughts ?