First House buy!

[Kevin Hunt]

I'm looking at a house on the market. Its up for $65k right now with about $30k in repairs. ARV is near $130k. Trick is I'm going to be occupying this property so my holding costs aren't as important here because I'll be selling it within 1 year of owning. I am a kitchen and bathroom installer and I work on landscaping and general carpentry as a moonlighter. I'm looking at taking advantage of the FHA 203k loan. I might either just get a traditional FHA and get a home equity line of credit taken out. Will that only work if it appraises for more, or should I do the 203k route?

Also, I have enough for a down payment but not any material costs, which is why I'm looking for an option to have the costs rolled into the loan. 

Any thoughts bp?