Ok, I know this is many months old but I'll help you with your answers.
First, in the spirit of full disclosure, I'm a Renovation Specialist with Wells Fargo.
The product you're looking for can't be used with a 203K. A 203K is an OWNER OCCUPIED FHA Renovation/Rehabilitation loan that typically, includes both the existing/new lien and the rehab costs. This program has similar requirements to that of a normal FHA loan. The requirements are a bit more restrictive than normal FHA loans due to increased risk (a loan is being given on work that hasn't been done yet, makes sense, no?). Rehab can include almost everything minus structural/foundation repairs.
Currently, 3% is the required borrower investment but in January, it will be 3.5%. For those who don't know, this is as a result of the Housing and Recovery Act of 2008 where sweeping FHA changes occured.
Continuing, the 3% or 3.5% investment, at least on the Wells Fargo product (I can't speak for every other lender as they can package the loan differently) is based on the acquisition + rehab costs.
In this particular instance, we have a product that INVESTORS can use (this seems to be the answer to what the poster is looking for). We used to allow 90% financing on a non-owner investment rehab loan but the MI companies won't insure those loans any longer so we're capped at 80% now (market classifications could effect max financing depending on your area). This product works exactly like the 203K except it requires a larger down payment.
As far as pricing, costs, credit scores, etc, feel free to contact me.