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bobble-
To add to aggi's point, if you are living on site, the builders/trades have to take time to tidy away (to a certain extent) at the end of the day and re-set up in the morning so you lose quite a lot of time cumulatively over a job.
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Flat isn't necessarily such a bad option for a few years. They're more manageable to redecorate/improve first time round, and it's still possible to make money doing so (we added just under 10% in 3 years). I also found that the way capital accumulates paying mortgage rather than rent made a difference to our finances over that period - came out in a much more comfortable position.
villa-ru
LHL
Sounds like you've put plenty of thought into it and have considered the finances. It's all too easy to get sucked into the "can only afford a doer upper" without properly considering how you're going to afford to turn that doer upper into somewhere to live. Generally the less cash you have the longer things take as well as you can't throw money at the problem.
It's worth bearing in mind that living in a place that's being heavily done up is tiring. Not just in terms of actually doing the work but also the lack of facilities, all your stuff being packed away, not being able to switch off from it, etc.