203k loans require an approved contractor and all sub contractors have to be licensed if required (plumber, electrician, HVAC). You can act as a contractor but must maintain certain insurance policies and all of the work has to be done by others who are licensed or approved. Visit the FHA/HUD website for more info on 203k loans.
If so, probably not, but this question is best asked directly to your lender.
My company works with 203K and other construction loans and would be happy to get you a proposal.
Feel free to touch base with questions.