Select your partners wisely - Realtor, Lender, 203k Consultant, and ContractorREALTOR - it's recommended to work with one that has done a 203k in the past so they know what verbiage HUD wants to be added to the purchase offer contract and how to structure the dealLender - advice you to select a lender with verified 203k experience; the lender is the quarterback in the process, controlling the rules, paperwork, processes, procedures, and if the lender does not have sufficient experience with the 203k, your entire process can look like the Cleveland Browns on a Sunday afternoon203k Consultant - the lender is responsible for selecting the 203k Consultant (refer to Lender paragraph above); this person determines the scope of work and pricing for the projectContractor - strongly advise you to select a Certified 203k Contractor; this person does not set the pricing (see 203k Consultant info above) but does need to know the different versions of the 203k, payment methods, timelines, paperwork, and processes; definitely don't want to work with a contractor who is going to "wing it" on a 203k.

@Jordan JonesI use the BRRRR method for my SFH.

@Ray R.

Can someone breakdown refinance best practices in the BRRRR method for me?

If hands on is your method of choice, I personally would be looking into properties with abilities to add ADU units and rent them out on your own or with an agent.

@Ricardo R.

This was the only method that worked for them to find someone to even offer a <$50k mortgage, and even then they had to name-drop the aforementioned Realtor, so it was "a favor" to her.FYI: Yes, expressed as a % of loan amount, closing costs are going to be crazy, right around the legal limit in fact.

To Jeff R's point - $98,000 gross doesn't seem unreasonable, but parse that number a bit.

Like Jonathan mentioned, one method would be finding something you could BRRR.

I find it useful to have a couple people that will remove old flooring (carpet, vinyl, etc), clean out crawl spaces, repair insulation, lay down vapor barrier, haul off junk, remove fencing, paint decks, low skill landscaping, etc.The best method I've found is posting free stuff (used appliances, old fencing, and other stuff) on CL, then identifying the good character workers to do other work for $15 hour.