If you have done your homework and the property is sound, there should be nothing materially wrong such that a reasonable insurance policy would not cover.If you continue to do your homework and screen your tenants properly, you should have a low risk of them destroying the property that an insurance policy would not cover. 

It definitely sounds fishy.

You should be prepared for the rate/terms to be a little on the high end, FHA 203k loans have higher rates than tradItIonal FHA loans to begin with then through in a low 600 FICO and that will have an effect.

Sounds like you are well on your way.

Based on the roles you mentioned above, it sounds like you may already have your hands full.

I have not seen the property after this work has been done, but I did receive an alarmed call from a realtor who drove by the house that made it sound like some of the work has been pretty extensive.

Interest prepaid for 3 years.Let me know if this sounds fair.

The tax bill that passed this year limits home mortgage deductibility will have a negative effect for states like NY and CA with high real estate prices, and high real estate taxes.

Problem is all sounds great until you have to list and rent it.

Sounds like a great deal and great market to work in.