Can anyone explain the pros and cons to using an FHA loan to get started in REI? I currently have $30,000 to invest an ideally would like to use most of it for renovations once I purchase something. Is FHA a good or bad option?

If renovations "would be nice," you probably will not get back dollar for dollar what you put into it in terms of market value. You may get higher rents.

If renovations are "needed," it may not meet FHA property standards, or the listing agent will assume it won't, which amounts to the same thing even if the listing agent is wrong.

There are lots of threads with original posts nearly identical to this one that you can find, the above is just an answer that isn't necessarily always talked about.

@Copeland Duhon

Chris made a great point!

Also I just want to add, if you are planning to do renovations, there is a FHA 203k loan as an option as well. This way you could finance the renovations into the loan and have cash for a future investment purchase.