Since you are flipping....not buy and hold investments....you are looking for the best "bang for the buck"..... what is going to have the best "pop" for what buyers are looking for......at the lowest price to you.If it were a buy and hold rental....

Most can't get past bullet point #3, which is where theory (all the things you love about 203k in theory) hits reality (reality: listing agents hate dealing with FHA 203k and most will "anti-sell" your offer by telling their sellers to throw your offer in the trash).

@Kevin Wheeler, you can - that's the theory. 

In theory it makes a lot of sense in my mind.

What would you invest in and how would you go about making the most bang for your buck?

I purchased my first home 15 years ago, and ended up having a half wall a.k.a divider taken out  by a friend due to my kids consonantly banging into it and getting hurt.

Otherwise, don't bang your head against a wall trying to work the numbers to make it happen, spend your efforts elsewhere.

So you have a decent ROI and in theory you help out the neighborhood. 

In theory, you can buy more than 20 houses with $20K but if I say 200 houses, maybe no one will believe me.Now the whole process begins with a very good deal.

I also agree that you should take a look at multi-family (2-4 unit) properties, as you often can get more bang for your buck here under a single roof.