With the FHA 203k specifically, you will have more "REQUIRED" work that is required by HUD (hence my suggestion above to go with the homestyle) when your HUD consultant comes and walks the property to develop the SOR (Schedule of repairs), then they will give you blank BORs (Bid of repairs) for your contractors to submit their bids. 

I was very pleasantly surprised.I also built a tool myself, I had a lot of issues finding service person for different repairs need.

I get a text for non-emergency repairs over $250. 2) Your return on equity is horrible.

This gives you an edge when making offers and helps you move quickly when you find the right property.Foreclosures can sometimes be a good deal, but you’re right—getting a loan for a foreclosure can be tricky, especially if the home needs major repairs.

Yes, hard money lenders will absolutely lend on a luxury home renovation of this size, but there are some key factors to consider.Loan Size & LeverageMany hard money lenders have loan caps, but larger private lenders and funds specializing in luxury properties can go up to $5M+ per deal.Typical Loan-to-Value (LTV) is 80%-85% of the purchase price.Some lenders also offer After-Repair Value (ARV) loans at up to 70%-75% of ARV, which could allow you to leverage more capital.Loan StructureIf you’re using hard money for acquisition and self-funding the renovation, lenders will likely structure a bridge loan with interest-only payments.If you wanted renovation financing, you’d need a fix-and-flip loan, which has a draw schedule based on project milestones.Terms to ExpectInterest Rates: Typically 8%-12% depending on experience and deal risk.Points: Expect 1.5%-3% at closing.Loan Term: Usually 6-18 months (extension options available).Down Payment: Depending on the lender, you may need 15%-25% down.Luxury Market ConsiderationsExit Strategy: Lenders will be cautious about absorption rates in high-end markets.

I assume lower end so you would want cash set aside for repairs, evictions or vacancies. 

This means for larger ticket items they will cover some maintenance or repairs on them. 

I would get a slab/foundation company out there to take a look at the property and see what the quote is to repair it.

I would have about 50-60k to spare for all initial costs including down payment, repairs etc.

Compared to rehabbing where the asset is already there regardless of the repairs needed.