This article does an excellent job of summarizing the 203k program. Many retail buyers never know that the borrower power is out there. Well done and thank you for the share @Brian Gibbons
I'm not a mortgage broker but I've done 2 203k loans - one full, one streamlined, and am pretty well versed in them. While I think they're an incredible tool, they take some administrative stamina. The paperwork can be really tedious so finding a contractor that's done one before and is detail oriented is KEY to getting through it without an ulcer. And a good HUD consultant will give you so much information on construction work and materials that if you take advantage of the opportunity, you'll walk away with a working knowledge of how to manage construction. Also, I didn't see this in there but the 203k can be used for single family residences up to a 4 plex. So, hypothetically, you could start with a 4 plex, then refinance it so you don't have the 203k loan in your name, and then in a year, use the 203k program again for a single family.