Aspiring House Hackers - have you considered renovation loans?

[Reid Chauvin]

House hacking is viewed by many to be the best way to get involved in RE investing. You are eligible to put less money down and benefit from a lower interest rate than you are in financing as an investment property. Not to mention the money saved with self-managing. The challenge has been the lack of inventory that we're all experiencing, and newer investors are having to think outside the box to get in the game. One consideration that I haven't seen on the forums as much as I'd expect is using a renovation loan to finance a fixer-upper house hack. 

Expanding your property search beyond just the 'move-in ready' inventory and considering homes in need of repair, (that are otherwise really only being considered by cash buyer's, i.e., less competition), seems like a good way to increase your chances of finding a home. With loan products out there like the FHA 203k and the Freddie Mac Choice that allow you to finance acquisition + renovation costs with as little as 3% down, I'm curious why I'm not seeing many posts about them. I'd also be interested to hear thoughts and experiences with these type products for those who have used them.