Anyone use a VA construction loan to rehab and buy a property?

[Ray A Delfi]

I found a property for sale asking price 200k with some structural issues. My plan is to live there for a while but it's a perfect opportunity for a rental when we move on in a few years. The home's AVR is $280K with repair cost at 57k+ 10k for contingencies. I have an accepted offer of 185k net to seller with seller covering 7.5k of the closing cost. It's a VA construction loan so very little cash needed on my end. The reason I'm asking this question is because I'm curious how similar is this to the 203k loan and if anyone has gone through the process. Right now I'm waiting for my VA Consultant and my builder to get approved.