Yes many pitch their own educational opportunities, and there is definite value in them  in my opinion, but ultimately you will find what combination works best for your interests, budget, goals, and personality.  

Utilizing the 203k seems like a decent option to get the rehab work done, but make sure you understand the rules, as you’ll have to be an owner occupant, which will play a significant role on your cashflow.Lastly, I didn’t see a budget for vacancy, repairs, and property management (even if you decide to self-manage).

There is not much issues with the building, I have seen their budget and dates of major repairs/ life expectancy, potential special assessments..etc.I guess I don't want to overpay for it, but the same time if I was going to offer $62500, extra $2500 it is not a huge deal.

If you are going to pay it off in a few years, the 10 or 20 year term doesn't matter so much as finding a good deal and keeping on budget, so that it pays for itself.

We could have reduced the negative of the project by keep the budget of rehab ultra low or just selling out of the project but we went over budget on the rehab by adding a new bathroom and converting a room into a bedroom.

Also, set a budget of how much you want to spend each month and try to find a niche seller such as tax delinquents, probate filings, absentee owners, vacant houses.  

A 203k is for owner occupants, but there is also an FHA homestyle loan that is non-owner I believe with a rehab budget of up to 35k which can include foundation, full kitchens, roof, etc.

@Nathan Ward Depending on you got into the house - ie: was rehab budget and purchase included on the same HUD, you might be eligible for something called "Delayed Financing" which has to be closed within 6 months and will be based on up to 70-75% LTV of a newly appraised amount.  

At this size home I look to have it on the market 30-45 days after purchase.With a budget of $50kThe ARV is $175k

If I have a home warranty on a SFH rental, should I still budget each month for CapEx?