If you have equity and decent credit, a conventional Fannie Mae HomeStyle (or the Freddie Mac version) would likely be the better option instead of an FHA 203k loan (which will require a 3rd party HUD consultant to oversee the deal in addition to having the contractor involved). 

Real estate is transactional where people are involved so it won't be a black and white answer.The best to do is to find an agent that fits your needs and guide you through the process.

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.

it was an interesting process but basically, the novation allowed us to get the deal done without having to involve the banks. this was a huge motivation. that way I save on having to close twice. 

Investing in single-family residence fix-and-flip projects in New York involves purchasing distressed or undervalued single-family homes, renovating them, and selling them at a profit.

These are great for experienced flippers who can handle the tight timelines and costs.Private investing usually involves individuals funding your deal, like friends, family, or networking connections.

As you probably read through the comments on this thread, there are many moving pieces, costs, and folks involved in this transaction. 

Investing in single-family residence fix-and-flip projects in New York involves purchasing distressed or undervalued single-family homes, renovating them, and selling them at a profit.

This one was strange because I ended up splitting the companies and partners involved in the deal so we liquidated halfway through the project. 

In rising markets, you might want to hold onto some properties longer to maximize your returns.By focusing on these areas, you can build a solid foundation for a scalable distressed property investment business and navigate the transition from individual deals to a thriving operation.ConclusionScaling a distressed property portfolio involves more than simply increasing the number of deals; it requires a fundamental shift in the way acquisitions, financing, and operations are structured.