Any success (or failure) stories with 203k

[Ginger Walker]

I am in the NOVA (Northern Virginia Area) and been looking at possibly doing a 203k to do a semi live in flip. We plan on living here for 2 -3 years so the idea is to sell when we move and hopefully have a little bit larger chunk of change so we can have more to invest when we move back to Oklahoma. Then when we move we will purchase a multi-family house live in one part and rent out the others using either a conventional loan or VA loan depending on the amount we have saved at that point. I am a little nervous about the 203k process because it seems like FHA tries to make it as difficult as possible and of course you are not guaranteed that the appreciation will be there, though more likely than just buying a property and hoping for it to go up in value. Would love to hear about others experiences with the process!

Thank you!