Equity from a flip using a FHA 203b mortage.

[Jesse Beckman]

Does anyone have success stories on using equity from a 203b flip to further their investing? Nightmare stories?

My goal is to hopefully improve a house enough to get a little equity that might help with a down payment on a buy and hold property. 

I know 203b work has to be done by a licensed contractor, so the "sweat equity" kind of isn't there.

Does doing something like this make sense?