If curious for some behind the scenes stuff, we talk about it as if it's "Fannie Mae's money," but typically there are other secondary market investors that'll pay a little more than Fannie for loans that happen to be above her minimum standards.

Wondering how popular 203k is relative to your standard residential mortgage + separate rehab loan? 

Hi Connor, This is my understanding on this type of loan.The FHA Loan  is mainly an insurance program by the FHA (government entity) that allows low down payment on the purchase.

You probably will have trouble getting around % of total cost, however, there are standard ways to incentivize a builder to complete on budget.

Or does this include insurance and taxes for the year.

Different areas have different standards for listing the square footage.  

I never write them without adding in taxes and insurance.

Then a discussion about accredited investor standards whereby I said just give my money back.

Make sure you take into account all of the perks that come with a job; Paychecks, benefits, health insurance, access to printers, office supplies, etc. 

Buy in desirable neighborhoods, rehab to a standard that you would want to live in the rental.