Possible to Buy a Wholesaler Deal with a 203K Loan?

[Artie Shau]

Fellow investors,

I'm looking to attain my first investment property. I'm renting currently... I'm very interested in using a 203K FHA loan for financing the purchase, and rehab of a property that I would move into... and drive up the equity... eventually leveraging the increased equity to refinance & invest forward... or outright sell and invest forward.

Is it possible to find a deal that matches my house hunting criteria from a wholesaler, and use a 203K loan to do the purchase?  Wondering if there area any wholesalers that could weigh in.  Would this scenario work for a wholesaler?  I understand that there's a bid process with the general contracter for a 203K and I wonder if that would cause issues with the wholesaler's timing with the current homeowner in terms of how quickly they are commited to close by?  Perhaps $ could be put up as good faith?

Thoughts?