Non-Livable 4Plex - How to buy

[Rafael Portela]

Hi BP,

First time posting on the site! I recently came across an investment opportunity and I need your help. I've been researching properties for a few months now with the hopes of becoming a real estate investor with an owner-occupied multi-family property. A couple of days ago I found a property I'm interested with the following details:

• Close to 4,000 SF
• 4 units with separate entrance - 1 bedroom/1 bathroom
• Short Sale - less than $200K asking price, comparables in the area go for $350K-$400K
• Non-livable at the moment, some major renovations needed + all appliances

Would I be able to buy this property with an FHA 203 (k) loan with 3.5% down? Are there any types of mortgage loan that would allow me to buy this property, even though it's currently non-livable, and bring it up to living standards?