It depends on who you're hiring but that seems fairly standard.  

Depends on how long you would like to live with your parents.

It will depend alot on the number of beds offered and the size of the home overall; do you have enough indoor and outdoor seating for 9 guests?  

The breakeven math is very important and I think it also depends on your cash needs.

Since your property has high resale potential, some lenders may be willing to work with you.Cash-Out Refinance – If you’re open to refinancing, you could take out a new mortgage for a portion of the home’s value (say, 60-70% of the $500K), and use the cash difference for renovations.Personal Loan – If you have good credit, you might qualify for a personal loan for part of the rehab costs, though interest rates are typically higher than secured loans.Partner with an Investor – Given the potential profit, you may be able to find a real estate investor or contractor willing to finance the rehab in exchange for a share of the profits upon sale.Your best option depends on your financial standing, timeline, and risk tolerance.

I understand that these rules vary depending on the state, but any thoughts on this?

All depending on perspective.I would take it with a big grain of salt, I think Opendoor is trying to drum up interest, given how many properties, they and other institutional buyers, are having on the market (e.g.

Depending on how much time you have before needing to dissolve the partnership, the partnership can sell all the properties and complete 1031 exchanges to defer the capital gains tax. 

On top of that, depending on the severity of the structural issues, you will also likely run into problems getting insurance on the property or wind up needing to purchase very expensive insurance. 

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.