My wife and I are in the process of shifting our investing market from WA to the North Georgia area (primarily the Buford/Gainesville/Hoschton triangle). 

There are a few different options for loans on a rehab...The FHA 203k renovation loan is for owner occupants only. 1 to 4 units with 3.5% down.There's a 203k streamline that is for owner occupants only also. 1- 4 units with 3.5% down.The Fannie Mae Homestyle renovation loan is available for owner occupants, 2nd home or investors. 

Old plumbing can go anytime and can be costly to re-pipe, old electrical wiring or sub-panel can be expensive to replace, roof at end of life, HVAC end of life, Water heater end of life, exterior siding, insulation on older houses can also be non-existent or in need of replacement, foundation can shift or crack and needs attention.

Since we bought this note process have gone up considerably on NPN's,  we shifted to performing but, unless you are doing your own direct mail a LOT of what you will see is other peoples scratch and dent inventory and is marked up.  

Whether Your  Streamlining Or Not Makes  A  Difference In Time. 

I will definitely do extra shifts at work to fund my future rentals. 

Because the housing market in my area is super inflated, I've shifted my focus more toward out of state MFH and MHPs.

It will be less frustrating and easier to streamline.

I would guess that more people starting off utilize the 30 year loan because the payments are lower but that shifts as folks build their portfolios and change or evolve their strategies..

(Get a contractor that will work with you so you can piece out some other work.) ( I did cosmetic repairs myself and did not include it in the loan because any work done under the loan can not be done by you)2) min rehab budget of $5,000 and max of $35,000 for a streamline 203k which is what I did.