An FHA 203(k) loan is definitely one route, but there are other ways to make it happen that might even work better depending on your situation:1.Private or Hard Money Loans: These could be a good option if you want flexibility.

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Was that purchase money, rate and term refi, or cash out refi?

So if they can get guaranteed 5% interest in an account they can get their money out of at any time they’ll want 8-10-12%. 

It should go without saying, but I do understand when you're new to real estate expectations can be out of line with reality --- if you finance 100% of a deal you will not see any money out of the deal for many years and will be putting money in for many years.

Long story short, it has been over a year and the project remained incomplete and he walked away with the money.

Avantstay's services cost money because they provide value.

The coaches are making tons of money from coaching NOT real estate investing.  

Their ability to recover their money should you default is much lower in this position.