Buy, Renovate, Sell VS Buy Renovate Hold

Depends on what you are trying to achieve. It is usually better to hold a place particularly if you have added value – BUT, can you afford to hold it, most places in the current market could well end up negative geared. In this instance you need to work out what your loss per year would be and then
1) Can you afford that amount from your own pocket
2) If you hold for 10 years what does this add up to and how much more would the captial gain be, would your long term profit be worth the negative holding.
3) What is your strategy long term.

For myself, I wanted to buy, renovate and hold but have found due to the time frames in my plan, the short term goals and the long term goals that for me it is better to renovate and sell 3 or 4, then use those profits to buy something to hold with more money down and therefore positive.

It is all an individual choice and working out your goals will make it all much clearer for you.