A 203k Loan is where the purchase price and rehab costs are rolled into a single loan.Assuming you have a respectable FICO you can buy, with a FHA Loan (3-5% down, a 30 year amortization schedule, and a residential loan rate).  

and can anyone point to me into the right direction to get the ball rolling?

Thanks for starting the roll call discussion Tim Gordon 

@Paul Timmins I estimated 50% for expense but the broker confirmed the rent roll & expenses were actuals so the expenses came up to 46%.

Make sure they understand the current owner is on board and will get nothing for the deal and they will get a property back on the tax rolls. 

However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction, and it anticipates doing so until normalization of the level of the federal funds rate is well under way.

Usually I roll my eyes at accusations of brokering without a license here, but this is the definition doing so. 

If however, like too many in Denver, you are buying something that cash flows at $50-$100 a door a month, and made that purchase with the eyes on appreciation and rent growth . . . well best of luck on that dice roll.

I will however, have a healthy equity position in the house.I want to continue doing deals, and right now the goal is to do flips, so that I can bank roll profits until I get enough to become a cash leverage player, rather than relying solely on financing through banks and HMLs.So to simplify, If I Buy and Hold this house, will I likely see my credit score decrease? 

It's standard operating procedure to provide that info, along with a current rent-roll.