FHA 203k LOAN - SoCal

[Jason Young]

My wife and I are interested in purchasing a live-in (at least one year) rental property that needs a little fixing up. It's close by where already live and the repairs needed are mostly cosmetic and one of the structures needs to be converted by permit to be live-able and another needs a wall for it to break into a 4-plex as right now, as it's technically a 2-plex with a workshop). It already gets $1850-2200 per unit and has two rented out up until the end of June.

I've never looked at what it would take to get a FHA 203k loan as this is our first and I'm wondering how I can do this?

My wife has income as well and while our credit isn't good yet we'd be able to bring in a co-borrower (family or friend) with perfect credit. How can we make this work?