FHA 203k - Newbie looking for insight!

[Donald Bondi]

Hello - This is my first post here and I am just gearing up to start my life in the world of Real Estate, so please bear with me.

I am getting married next year and will be looking into an FHA loan for my first house. Ideally an FHA 203k loan, so I can purchase a fixer-upper and gain some instant equity. I am also hoping to find a house with a possible accessory apartment that I can legitimize and use the rent to reduce my costs.

I am looking into an FHA loan because the prices of houses in my area are astronomical and it would take me quite some time to save up 20% down on a $400k-$500k house.

Does this plan seem like a sound idea, or am I missing some key details? I am not very knowledgeable (yet) when it comes to certain mortgages and the rules applied to each.

TIA