Advice in using a 203k FHA Loan as a first time home buyer?

[Nick Pierce]

Hey, I'm looking to purchase a Duplex next year and am considering whether I should use a standard FHA loan or the 203K FHA loan.

My goal is to live in one unit while renting out the other to pay for all the expenses, that way I am living for free. After a year of owning the property, I will move out and rent out my unit for additional cash flow.

Being that I am going to be 18 next year, my parents are going to be using their credit while I am supplying the down payment, which is why I am utilizing low money down loans.

I just finished reading Investing with No and Low Money Down by Brandon Turner, and while the 203K sounds like a great idea for a small cosmetic rehabs, I just want to get in contact with people who have done something similar and have advice on the topic.