FHA 203(k) loan

hi everyone,
I have been reading and reading and learning all i can about REI and I am going to do a rehab (I HOPE :o) But I would like to know if anyone here has ever used this kind of loan for a rehab??. and if so what are the good and bad things that come with it??.

The property im going to be doing a rehab on will be a TOTAL REHAB the
asking price is $38,000 and doing some research the property would be worth about I would say 75 to 80,000 (not appraised)…

Also,when doing a TOTAL REHAB would you use a contractor for 100% of the job??

TOTAL REHAB = no electricity bring flash light use EXTREME CAUTION INSIDE HOUSE :o
this old house does have a new roof…
i’m so excited to be working on my FIRST DEAL!!!

The 203K loan is for owner occupants ONLY. Before you close you will have to have contracts with the general all lined up. The interest rate is usually a little higher than you can get otherwise.

I don’t plane to ocuppy the property but place it back on the market after the foundation is replaced…What other loans are available for this kind of deal??
Thanks for the response