Your experience using FHA 203K loan

[Anthony Barrueco]

Hello, I recently started learning about real estate investing and I'm considering buying a house Upstate NY that requires rehab using an FHA 203K loan. My intent is to move in with a 3.5% payment and improve the value then flip it 2 years later to use another FHA loan to buy a home, and begin investing out of state. What has been your experience using FHA 203k loans? Did you do a single or multifamily house? What kind of work can I do to add value to the house aside from adding a bathroom?

Also, feel free to correct anything I might have misunderstood about the process. Any insight is appreciated. Thank you in advance