I really appreciated that they sent frequent emails outlining each step of the loan process and indicating what step we were at and what to expect next.  

This article will give you everything you need to know and outlines the details better than I can.https://themortgagereports.com/14946/fha-203k-loan...Yes you may be right about being able to get some more income out of the property after implementing those changes.

Create a Word doc that outlines all this specifically.As far as expectations, just remember they are working for you.

Outline where you want to be in five years.

Based on your personal situation, as outlined in your post, the last thing on earth you will want to do is invest in income real estate ownership.

Looking at the buy and hold market in single family homes or small multifamily here in the metro area, but exploring outlining communities including the Springs, Greeley, etc. 

The benefit here is two-fold: (a) it outlines all functions and components necessary to complete a site-built structure from the ground up; (b) you have a clear template for allocating responsibilities on rehabs.

If not, you should not step foot into the unit until either the tenant clearly returns possession to you or the time frame to do so has expired.Most L-T laws will outline factors which must be met to determine if possession of the unit has been returned to you and will also outline what to do with property left behind.

I think @Arianne L. outline the thought process well. 

Personally, I wouldn't consider it or look to make it work as outlined simply for the fact a 5% price adjustment a year out wipes away any potential profit not to mention any possible concessions to close.