203k... What are you allowed to fix?

[Jordan Hanksion]

Hey BP,

I am pretty dedicated at this point to go the FHA then house hack route to begin my real estate career. One of the glaring reasons for this decision is the distinct lack of zeros in my bank account.

Of the additional challenges I'm running into with my lack of start up capital, post purchase remodeling is a big one! Luckily soon after uncovering my problem, I seemingly found my solution, 203K loans (thanks federal government!). 

As awesome as 203k loans look to me, I am wary of what they actually imply or how they restrict you. For instance, I read somewhere (I can't seem to recall at present) that they were not applicable for any "structural" repairs... can anyone confirm if this is correct and if so what applies as "structural"?

I suppose the main focus of my question here is what are the major restrictions behind a 203k loan, what are the reasons I would NOT want to use one?

Thanks, as always folks!