FHA 203k Loan on a Fire Damage property

[Viktor Semenyuk]

I found a property that had fire damage in the attic, the repair costs for the property are estimated at about 126k, the property is posted for 318k. Estimated ARV would be in the ball park of 500k.

I was thinking of getting a FHA 203k loan to perform the repairs on the property and live in the property after repairs.

The deal makes sense to me if I can get it for 240k. Does anyone have experience with a 203k Loan? Does this make sense? I have an excellent credit score but I am co-signed on another property that is basically paid off, will this hinder the 203K loan?

Any hidden costs with repairing Fire damaged homes that I should know about?