Now and then you hear about a 203k loan that went wrong. I'm not going to sugar coat anything here but most of those could have gone right had they been working with a "TEAM" of experts who know what they are doing. A team is like a well tuned engine.
You don't have to be an expert if you work with experts. If you haven't done a 203k before then look for a team that in place who has closed some. If you are a lender looking to do your first 203k call a consultant and use a team they suggest. If you are a Realtor and can't find a lender, call a consultant and get a recommendation. Call any other member of a team and let them help you put YOUR team together. You will gain experience from seasoned pros... NEVER look for 'newbies' for your entire team. It just doesn't fly.
Ricardo Ramos at Platinum Home Mortgage and I have completed many 203k projects over the past 25 years. He can make loans all over the place but he is typically concentrated on the SF bay area from San Jose up the peninsula to San Mateo and SF, and back to Richmond where his office is located.