FHA Loans and Cash Flow for Single Family

[Gordon Olson]

I've been approved for an FHA loan so I need to live in the property for a year. I don't have any money yet for a down payment. The loan apparently doesn't allow me in the state of MN to have both a 203k loan and state down payment assistance so I either need to come up with a 3.5% down payment or skip rehabbing.

With regards to that, without taking on roommates single family properties don't show good cash flow in the outlying areas of Northwest Minneapolis. Any ideas of how to do rehab while still getting a regular FHA loan? Or can't this really be done.

Thanks.