To build or to buy - my STR questions?

[Easton Hill]

TLDR: I'm considering the decision whether to build an STR or to acquire a pre-existing property and convert it into an STR. Any thoughts are helpful.

I'm considering two options for my first STR that I will own (I already do STR arbitrage and management so I'm not a total newbie)

(1) Buying a "buildable lot" then contracting with a builder to build an STR

(2) Acquiring a "Decent house" that needs light cosmetic work and then converting over to an STR

For context, I have limited experience in construction, so work will be done through GC/contractors either way. 

Building seems like an attractive option to me currently as I believe I will have "instant" equity with the potential to refinance out the initial capital,  but the total project will take much longer to complete. However, I also know that building carries risks and comes with its own headaches. 

Acquiring a house that needs light cosmetic work, seems less complex, but I don't anticipate having a lot of equity, to begin with since there will be little value added in the acquisition process. 

Any help is appreciated!