Most can't get past bullet point #3, which is where theory (all the things you love about 203k in theory) hits reality (reality: listing agents hate dealing with FHA 203k and most will "anti-sell" your offer by telling their sellers to throw your offer in the trash).

@Kevin Wheeler, you can - that's the theory. 

In theory it makes a lot of sense in my mind.

What would you invest in and how would you go about making the most bang for your buck?

I purchased my first home 15 years ago, and ended up having a half wall a.k.a divider taken out  by a friend due to my kids consonantly banging into it and getting hurt.

Otherwise, don't bang your head against a wall trying to work the numbers to make it happen, spend your efforts elsewhere.

So you have a decent ROI and in theory you help out the neighborhood. 

In theory, you can buy more than 20 houses with $20K but if I say 200 houses, maybe no one will believe me.Now the whole process begins with a very good deal.

I also agree that you should take a look at multi-family (2-4 unit) properties, as you often can get more bang for your buck here under a single roof.

It wasn't a foreclosure but could have passed for one - vacant for years, no heating system, everything banged up.Within 2 hours of it being listed I had viewed the property, consulted with city code enforcement, offered, counter-offered and got it under contract for $50k cash, as-is, no inspections.