203K FHA loan evaluation questions

[Tristan Thomas]

Hello all, I am looking to pursue a multi-family property using an FHA loan in the Bangor, ME market in the coming months. I am interested in the 203K portion of the FHA loan and was hoping you guys could share some of your knowledge as I try to wrap my head around this! I have a few questions. What should I be looking for in potential properties? What constitutes whether the 203K loan allows a certain type of rehab or not? Is there a article or legal guideline of what rules the 203K must be used within? Should I try to go for as much rehab money as the 203K and property will allow? Any type of insight, guidance, or suggestions would be greatly appreciated! Thanks in advance! -Tristan