Approaching an off-market property with a 203(k) loan?

[Evan Morgan]

There's a house in my neighborhood that has been vacant for as long as I can remember (10+yrs). It definitely needs work, but I'm starting from the bottom with very little money. I've read about 203(k) loans, and they seem like a good place for a newbie like me to start.

I wanted to get the community's opinion of 203(k) loans (pros, cons, traps, hidden gems), and also to ask how I might go about approaching the owner with an offer? Any and all advice and opinions are welcome.

Thank You!