203 FHA renovation loan for a property I own outright?

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Hey BP,

I have been looking everywhere for more information on this strategy. I am in the process of buying a REO property cash. Problem is the property needs about 40k worth of repairs before it is at its full potential. Comps in area are selling for twice the all in price currently. Anyways if anyone knows the official guidelines of using the 203 fha loan to fund repairs on a home that is already owned by one's self the info would be greatly appreciated!