If these were easy, everyone would be snatching these up, just think about it :)  Finally, just knowing and being apart of hundreds of 203k transactions for our private client construction business, this is not a forgiving loan and encountering large challenges with the purchase, may influence your opinion of the simplicity of the 203k, if you intend on using a 203k, perhaps seek something that requires more work and remove yourself from this short sale.

All transactions would be for the benefit of the plan and you could not draw income personally.  

Then figure out how much of a "kicker" you want to add to the fair market value of your property to make it a worthwhile transaction for both of you.  

These guys have a hundred transactions under their belt, they know who consistently delivers what they claim, reliably and on time, and who promises the world but fails to deliver.

we are trying to find information on raising the ceilings on our 2000sf house. the ceilings currently are not even 8ft tall and we plan on renovating since we will be staying here a long time. We are getting mixed res...

I'm very familiar with the US markets, but could really use some help from north of the border.

At this point all I want is to be able to do a JV with someone who has done deals with them, who is very familiar with their lending criteria, and who may be working on a transaction that would work.

If you purchased it in an arms length transaction for substantially less than $120k, you likely have grounds to challenge that valuation and have it reduced.Anecdotally, I've had some RE attorneys and investors tells me they have properties that they'd consider selling, were it not for their very low property tax valuation. 

As with everything legal, consult a local attorney for any and all business transactions you may want to engage in.

Under the federal securities laws, a company or private fund may not offer or sell securities unless the transaction has been registered with the SEC or an exemption from registration is available.