What is the condition of the property?

You do have to sign extra paperwork at closing stating your intentions to live in the property, the property have to be in livable condition (i.e. things the appraiser notes as issues will have to be fixed before closing, woodrot being the biggest issue), and you are required to be living in the property within 60 days of purchase (not sure that is true for 203k FHA's).

Exactly what I was looking for!

@Carlos Araujo Not sure exactly where you are looking but I’m out of queens and we do run into the same issues you state here.

FHA has lot more condition requirements than conventional... and it could be tough sell to talk an owner/landlord into accepting it.

If the properties arer less than 5 units, they will comp other properties that are similar in size, bed/baths, and condition. 

Hard money lenders focus a lot more on the property itself as far as current condition, rehab estimate, after repair value (ARV), etc. 

this is tricky, it tends to be a case by broker-case basis, and only a handful of brokers control the bank-owned..yikes......i forgot if the agent can rep. the bank and you, there in NC, if you make offer..Just thinking out-loud and opinion, not telling you what to do, dont know your plan (hold, flip, or your funding):  ...get over there, with a property preservation buddy, assess the repair and upgrades, (unless its already pretty perfect or you feel the agent can give you some accurate idea)...ask agent what he/she can sell for in good condition, confirm.. then factor arv, repairs needed, make offer with 10 day due diiigence professional inspection......are you offering an almost full retail-market priced forclosure anyway, then are you going to hold it for cash flow? 

How much the rehab cost are (i.e. the condition of the property when you bought it.)I am looking forward to comments and connecting with members.

So you net net performance over time is much lower than I get buying fixers, rehabbing myself then renting for top $$, in the exact same neighborhoods.But I admit if you can't do what I do locally, you are stuck just throwing money at these turn keys.