203k for Newbies?

[Joseph Weisenbloom]

I currently have an opportunity that will need around 15k in rehab but I do not have the cash. It seems the best way to get this deal done is through a 203k loan.

Question#1 Would you recommend a 203k loan for a newbie?

Question#2 How do the draws typically work? The contractor I am working with wants 50% now and 50% when its done.

Question#3 Do I need any money upfront to get the construction started? I have heard that the draws are slow.

The reason I ask I have heard a lot of bad things about 203k loans and do not want to overwhelm myself on my first deal with lots of red tape.