VA vs FHA vs 203k - What would you advise?

[Rosy Bruno]

Hi Everyone! I was hoping to get a little advice from those that have dealt with either a VA, FHA, or a 203K loan. I am currently looking at these to purchase a tri- or four-plex; I am looking for something that needs a little fixing up. I have some equity saved up from another SFR that I could use but I would prefer to leave that untapped (unless you think otherwise).

What are your experiences/thoughts on these financing options (any loopholes or regulations I should be aware of)? I do know about the cap for the VA loan and I believe we are still under that (still doing my research).

Thank you in advance for all of your help!!!!!! :D