Does having the lease-option interfere with my ability to qualify and get an FHA 203k loan?

My understanding of the market there is that it is strong for the midwest: reasonable population growth, good jobs, solid neighborhoods, good cap rates, etc.Because I'm quite busy, I don't have the time (or willpower, to be honest) to hunt for deals myself, find contractors to renovate, and do all that work myself.

Simple things like a professional website, ability to take payments online, a real tenant application/screening process, maintenance tracking, after hours call system, financial reporting, etc. 

I was able to save enough to be comfortable with separating in the anticipation of learning a new skill-set, and I have the ability to still finance an investment in the 250k range comfortably (after researching for many hours how to obtain financing with no proof of income, only assets).

If you're borrowing less than $50k, your ability to get the best rates/terms could be hindered. ie.

Is there a form letter people use to send out say here is the itemized damage charges and a bill for the uncovered amount?

Instead, I keep in it the business and focus on growth.  

I think Snohomish County and beyond are excellent areas for long-term growth, without the same high prices of Seattle.

A certain population growth, median household income, etc?

The home possible loan also has the benefit of the ability to reduce/eliminate PMI when you reach 20% equity (if you choose not to refinance).