I know this is something plenty of people do. They buy homes really cheap, fix them up over a year or two and then resell them for a nice profit.
My question is, when doing something like this, is it better to use your own savings or to get a loan?
I think it is best two use both. Most people don't have enough cash laying around to cover both the cost of buying a home and repaired it. I would say to use the loan to buy the home and pay for the repairs out of your own pocket though so you can pace yourself.
Both if possible. I agree with the comment above about using your own money for the repairs because you can always take time off from that, you can't take time off from paying off a house.
I'd also suggest both. Unless you have lots of money to spare, a loan makes sense.
As I'm sure you're aware, the more loans you pay back on time the better rates you'll get which only increases your profits further.