Hi @Alex Lee I would avoid 203K loan and work with conventional renovation loan based on knowing you'll be forced to use 203k certified contractors which will cost more money and offer inflated pricing because they must follow 203k guidelines. 

What is the cost, and what does it cover?

My total cost is 40k, can resell at around $130.

Since you're new, start by narrowing down a strategy—house hacking is a great way to get started with low upfront costs.

Initially the numbers were 40k for rehab cost Lessons learned?

Combined that can cost $50k+ which they may not want to pay nor their is the possibility they would not they pass the DD report.Nothing wrong with raising money in this fashion (FB or online ads), many do it and are great sponsors. 

Ofcourse my mistakes would cost me if done all my self as well.So i am thinking that by going through paid consulting, it saves me from mistakes and time.

Also, you can't know how the cost of materials could fluctuate over your project time, so consider purchasing any materials upfront so you can stick to your budget. 

It would cost a lot to get the planning approval and do a complete renovation of the 2 units.Can anyone suggest what would be my options at this point?

Materials have increased more than 20% in the last 5-8 years.