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. 

Assuming you also have the cash reserves, $60k is 20% on a $300k property. 

You assign the lease option agreement to a tenant-buyer and receive an assignment fee without needing to close on the property yourself.

Generating a way better return on Investment.

My personal opinion is that any time is the right time to invest if you can find opportunities that meet your Return on Investment goals.

Boots on the ground is critical.

Hi Bobby, can you expand on your question a little bit, what do you mean by where to start?

And how are you going to get a 6% loan on it ?

Here is my method I got that has done me wonders, I used the method from Brandon Turners book on managing properties:1.)

There are a few rare cases where you can do 10% down on a long term loan if the seller will carry in 2nd position.