Standard 203k on a Historic Mansion

[Felix Sharpe]

Hi BP,

My wife and I were house hunting/driving for dollars when we came across a boarded up mansion (I think...what size qualifies as mansion anyway?) in our community. The property is 4,300 sqaure feet, not including a carriage house behind the property. We sent the owner a letter and he responded! We are going to walk through the property next week. My wife and I are first time home buyers considering a standard 203k to restore the property. I thought of two immediate questions: (1) whether we'd even be able to afford the restoration and (2) whether the property is eligible for a 203k considering there are 2 structures. 

I wanted to post this second question because I'm hoping someone out there has had a similar experience with a 203k rehab with a house that had a guest house. And please weigh in on whether you think the rehab is possible considering the size, the property being in a historic district, and a $150,000 budget. (I know that may not be enough information to determine whether the rehab is possible on this budget.)

Thanks for any imput BP.

Feli,;