What is the 203k Loan Process... in Detail!

[Taylar Caraway]

My fiance and I are moving to Atlanta this fall and are going to use a 203k loan to rehab a multi-family (duplex, triplex, quadplex) and kickstart our real estate investing career. We have found a lender that we would like to use. He has answered all of our questions about the process and the steps that need to happen, however, we would like to speak with investors who have been through the 203k loan process and have used these loans to fund deals. We want to know the pros and cons; what was easy or hard; were there any bottlenecks or major complications; Do we find 2 or 3 lenders and get prequalified with all of them?