I wouldn't complicate an easy process by including the builder in the ownership. 

Sometimes I make things more complicated in my brain and its nice for someone to help bring me back to level and think things logically. :) 

Sounds complicated.

Mom ended up disabled in her older age so they wanted to move her in a assistant living but for some reason this situation complicated mom going.

However, the inside is more complicated because I don't want new flooring or paint to get ruined during other stages of the rehab. 

From my understanding, 203K is just an FHA loan for properties that need rehab so it shouldn't be much more complicated.

Getting pre-approved is a necessary step and is not by any means complicated.

And Philly is one of the more complicated markets in which to own property - complex laws to follow and entitled tenants that as you are finding, often do not qualify to the screening standards you would like to implement. 

I'm looking to invest in one of the multi-family properties in Columbus and the purchase price is going to be $300K for 4 units. Currently, the owner is paying around $5,400 in property taxes as confirmed from https:/...

Too many people try to complicate this whole thing too much.I can relate particularly well as I am also in tech and also have been just taking one step at a time to make that optional.