@Meera Lakhavani ask your lender how sure he is the loan will close, ask your real estate broker how sure she is of the after repair value and appraised AS-IS value and ask your contractor if the 185K includes all the upgrades, finishes, etc that you have in mind.

The house is in bad shape, needing around 35-45k in repairs. 

While that might sound great it can be a nightmare if more than just a few investors in a TIC.Tons of those failed during the last downturn because when the property needed repairs, refinance, or considering a sale there was lot's of infighting and opinions of what to do.

One of the requirements for a multi is that every living unit must have independent utility services or at a minimum 1. legal provisions ensure and protect access to utilities for repairs, even if passing through other living spaces, 2. easements or covenants protect water connections, and the VA approves of a maintenance agreement; 3. there are separate service shut-offs for each unit. 

I made the repairs and rented the home out without knowing these issues were outstanding (I genuinely don’t remember seeing the tags on the door).

@Michael Pitsos It doesn't appear that you're considering other expenses that will drive your negative cash flow further into the red such as capex, repairs, vacancies, management, etc.

My mom is not able to maintain her home and I have been paying for any and all repairs over the past fifteen years.

Besides that everything in the house else looks well so far.What repairs are absolutely necessary, what is nice to have and what is no need?

The 203K loan will finance all the repair costs + purchase price.

Is this a good investment as it will take 2 years to get money back plus always issues like AC, repairs and stuff.