I thnk your ambition is awesome and the truth is, your strategy will unfold as you get there and grow. 

Once you're sitting down with the guy ask him how he started out and hang on while the stories unfold.

If you possess the knowledge to know what to look for with electrical wiring, how to inspect a roof, how to look at plumbing, determine where there are issues with the property: in depth, and if you've done multiple apartment complex deals already and seen an inspection unfold then I would say you don't need to.

I will update this as the story unfolds.

I wasn't ready but willing to bet the farm on it when the GFC unfolded, and I recognized it was an opportunity once in a lifetime.

Yes, I agree, however we have to watch carefully over the next 5+ years how events unfold and how they affect property values in and around major cities.

A similar situation unfolded when I had to replace a water heater in one of my properties.

@Casida Caines We see this issue unfold a lot.Some sellers schedule sale and purchase to coincide so they don't carry two mortgages for a single day.

They can prep you on how the process will unfold based on their experiences and most importantly they will know how the handle the bumps in the road that will inevitably come from purchasing a home through the program.In the end, any client I have worked with that has done a 203k deal ends up satisfied because they created value  on the buy side and now have a house that is renovated with equity to spare.

I look forward to hearing about your deals as they unfold.