I did appreciate the "my terms aspect".  

The house is currently uninhabitable - needs a new roof, windows, etc.  

Safety means broken glass, house not secured, leaking roof that could cause more damage.

Welcome to BP community @Milton Banegas It is a great place to meet new friends and learn about various aspects of real estate and more.

Please feel free to make a suggestion or bring up something I may not have thought of.The roof will cost about 1/2 what I initially budgeted, so I'll be saving about $4000 there.

There are certain limitations, though (i.e cannot put in a swimming pool, etc) But if you want a new roof or new appliances or new furnaces, then you can definitely do all of that with the 203k.3.

Well its not really ok, but you can still break even on the property versus if you are flipping, the roof collapses for example and your budget is now busted.  

I see 9,2 times closing costs, 9,2 roofs, 9.2 times the plumbing calls, 9.2 times the eviction costs, 9.2 times more paintig, 9.2 times the HVAC's !!!  

Welcome to BP community @Ed Marcinov It is a great place to meet new friends and learn about various aspects of real estate and more.

Welcome to BP community @Chris Johnson It is a great place to meet new friends and learn about various aspects of real estate and more.