FHA 203K rehab loan

[Phil Sabella]

Hello All, 

I am a new REI from the Philadelphia area and am trying to figure out the best way to get into the investing game. I am curious about getting a fixer-upper with a 203K FHA loan.

1. What are the advantages and disadvantages of this?

2. Does the rehab have to be completed in a certain amount of time? 

3. Can I hire my own contractor or are there parameters around this? 

4. Does it only work with SFH or does it work with multi-family as well?

5. I know for instance, if I get an FHA on a house and move within a year, I can still get FHA on the second house. Does that still pertain to this type of mortgage?

Thank you for your time! 

Phil