Where to buy for a quick reno/facelift

Hi everybody,

I'm new to the site and this is my first post so if you are reading this, Hi and thanks for taking the time out to read this… (not even sure which bit to post this in so I apologise if you read this twice)

My partner and I wish to buy a run down house or unit, do it up and put it back on the market.

We are not sure whether to rent it out for 12 months and then sell it in order to get more capital growth out of it, or just sell it straight away. We couldn't rent it out for more than 12 months though for financial reasons.

Any comments on whether to sell straight away or hold onto it and rent it out for 12 months would be greatly appreciated.

We are also wondering where a good area in Melbourne would be do this – basically one that would have great capital growth over the next 12 or so months.

Thanks heaps, Emmy