We have a sizeable chunk of money between us but because of inexperience would prefer to keep a nice cushion going into any deal at the moment.My thought is to get in the door with an FHA or 203K loan on a distressed property which we could refinance under a conventional (cash out or non cash out) loan once the renovations are finished to get our money back out or at the very least eliminate the MIP on it with the additional equity built through the renovations.

Our inexperience is showing!

I am not sure whether it is inexperience or laziness (perhaps a little of both) but I see too many investors simply take the word of another investor or seller versus developing their own "Buy Box", conducting their own estimates, and only buying if the deal fits within their box. 

If you do not know what can be handled some is of course common sense but some of it will be gained in experience.  

I've seen some homes being offered on Auction.com, but would be interested in experiences.

The great thing is that RE, if you buy right is pretty forgiving, even if you make a few mistakes and step on some unforeseen landmines due to inexperience along the way.

Think of it more like paid college, even if you come out at a loss in capital you make a giant gain in experience, good trade.

I am completely new to the REI realm, but what I lack in experience I make up for in enthusiasm!

Be very honest about your fear and your inexperience.

The business model of most real estate crowdfunding businesses was to hire top notch technology workers and relatively new and inexperience real estate people.