FHA Loan (203k) "Cons & Advice"

[Joey Isidore]

What are the cons of doing a 203k loan as a first-time home buyer? It seems like a fair way to purchase a home in need of some TLC, where with the right guidance and expertise if you purchase this home at fair or low market value in a good area for resell value (after 2 years or so live in) you should walk away with a fair investment. What am I missing? Why doesn't everyone talk about a 203k loan outside of investors who want a quick flip and already have the cash on  hand, would a 203k loan be the correct option for a person who plans on living in the home for a couple of years (2 or 3 years), while building equity and upgrading home so that when you sell you walk away with a fair investment? 

*Disclaimer: I understand that this form of a investment route depends highly on the housing market during the time you would like to sell, as well as the chances the home fixes may exceed expectations, but generally speaking in positive light would this be a good form of low risk high investment plan or the opposite. (Speaking for homes with rehab cost under 30k not large projects that consist of re-doing structure or etc. ) Mostly Cosmetic/Updates, maybe finish basement/attic if home offers it. 

Thank you all for your advise and expertise in advance.