The property class I'll be focusing on is in the B range, which will allow me to see some cash flow with the opportunity for appreciation (certainly not speculating but at the same time, my focus is not to invest in homes that are strictly cash flow plays).

I'm curious: is FHA203k strictly for owner-occupiers, just like the other low deposit FHA ones?...

They seem to cater to the mom n pop investor such as yourself and not strictly Institutional or other High Net Individuals.  

If you put $15k in (down payment and closing costs) that would give you a CoC return of around 8% based strictly on cashflow.Everybody's criteria is different.  

KCK is very strict on rentals and rehabs.  

Some states have very strict laws about wholesaling while you're an agent.

The board of health strictly came up with like 20 items for you to address like stain wall, old toilet seat, .... etc.

I'm strictly looking for cash flow, and instant equity build potential thru renovation...  

I'd recommend against it, keep it strictly a business relationship, as soon as you start being friends with them they will start asking for leniency in paying rent.

I currently do have a credit card strictly for building credit.