Is there extreme variation all across the country or is this just a Detroit specific thing? 

Thinking of converting a property into a multi-family (4-units) in Fells Point.  Checked into the zoning because it was formerly a commercial property in a rowhome in R-8 zoning.  No issues or anything special needed ...

This loan is a variation of the traditional FHA loan in that it allows you take a loan to both purchase and rehab the property.From what I have seen on BP, it is very important that you have a lender that is experienced with the 203k loan, so ask around.

This question has so many variations to it.

There are lost of variations depending on whether you are looking at SFR or multi-family, what state, etc. 

This is a variation of a tactic called "house hacking".

That way you can target those for tweaking or creation conservative/aggressive variations.)

There can be a wide variation of who attends each time, so I would give it a few months and see if it makes sense for you. 

There are a ton of variations on how you could structure this deal with private money.

I show IRR and equity multiple assuming 3, 5, and 10 year holds, plus a sensitivity analysis for each of those potential hold periods comparing IRR forecasts against variations in occupancy, income, and exit cap rates above and below baseline.