Higher rental return= higher pre approval amount.

Considering they quoted you $200-$250 but are billing you $550, first inform them you did not agree to that amount and any change orders need to be discussed with you prior to approval.

Right now (Q3 2024) everything seems overbanked/overbought.Currently, my focus has been purposely broad but currently split between: A) SF business (wholesaling/rehab) I was asked to take over (on almost no notice – am still badly catching up) and B) Small balance MF and mobile/manufactured housing (<~50-100 units for physical/operational value add)I have made some progress on each but not where I would like to be although I have just recently gotten involved in the sub-institutional space again.

Get approved for construction loan (This is normally a loan at an 80% LTV, right)3.

Also many title companies TODAY require a KNOWN notary.. so either they do it or they send you a vetted mobile notary that will cost you 150 to 200 for each sig.and yes this is why you dont buy the way the OP bought.. now he has a to chase his tail all to save a few bucks up front on title and escrow fees.. 

The days of posting on Friday and having an approved applicant by Sat pm are gone for the time being.

Simple answer as to pros/cons:Pros: easier to get approved than conventional without your personal income/employment/taxes/assets/DTI being evaluated, i.e. lighter paperwork and more flexibility, usually faster too.

I have been considering which area of REI to begin with: multifamily homes, mobile home parks, or short-term rentals.

Work being falsely approved is an issue as is getting people on the maintenance side to fix anything found to be wrong.

If you want more affordable housing, attend city commission meetings and advocate for approving new developments.