Homestyle and 203k loans

BP family -

I am a rookie investor looking for some creative ways to finance a deal. Does anyone have any experience with 203K or Homestyle loans? Sounds like the only heavy con is the drawing schedule for contractors being complicated - potentially scaring them away (?). Setting up multiple strategies for negotiating a pretty good flip deal (I.e. list price $175k with an ARV of $340-350k as confirmed by a few parties, Reno estimate $40k...).

Thanks!

AW