This is going to depend on your financial situation, the time you have/want to invest, and how long of a process you want this to be. A full gut job is of course going to take longer, but if that doesn't bother you, go for it! If you still have a full time job and are trying to stab at this part time and don't have the time to project manage a bunch of contractors, take my advice and absolutely start with cosmetic flips.