Pre-approval with partnership for First Deal

[Josh Feldman]

Hi team,

My partner and I are looking to make our first deal. Our target market is about 4 hours away. We have a realtor and contractor out there, and are in the process of hiring a property manager who will serve as our boots on the ground. We are looking to get pre-approval (for conventional financing) so we can pull the trigger quickly if a good deal comes along. How exactly does the process work if we do not yet have an LLC? Would a lender look at each of our financial and credit history, or as a combined entity? Does it make more sense to create an LLC first? And if we are investing at a distance, can our lender be local to us or does it have to be local to our investment? Any and all advice or suggestions are greatly appreciated!!

Thanks in advance.