They still took our deal to credit committee review since they were honoring the deals in the pipeline that had applications in, but I feel they found reasons to decline as they are phasing out this business in their portfolio and had easy out to not proceed.

Avoid that analysis paralysis/decision by committee that plagues so many people (myself included)! 

It's a bank, and they have their own loan committee.

After stumbling over the questions in the paperwork for two days I called the loan officer and he cleared up a couple things for me: No pre-qual letter will be provided up frontA subject property is needed with all the figures filled in for underwriting to analyze the deal (community bank - committee meets once a month) And there is a lengthy lead time (30-60 days) for review before funds will be distributed My reply to these conditions were:How do I obtain the rent roll and other financials with no pre-qual or proof of financingHow can I prove/show the owner I am serious without it The loan officer mentioned, I would have to be convincing and/or suggest a lease/buy option with the seller.

However, the the companion Texas House bill, HB 2551, was left pending in committee at the end of the latest regular legislative session.

Hi Lacy, I believe the "Expedia bill" died in committee.

I was approached by a neighbor who claims to be on the HOA committee and told me they only allow 8% of the units to be rentals and the previous owners owner-occupied the home.

Having to deal with realtors, banks,  attorneys & 'committees' knock the deal potential way down for me as well.  

Sometimes the bank committee members are developers themselves or real estate investors themselves which helps as they understand the business in depth.Make sure with the construction loan you have built in extensions spelled out with what rate and also you have the freedom to choose what permanent loan you want to go with or have the right to sell.Some banks will give  a great construction loan but when it converts to perm the terms are bad or marginal at best.

Sometimes the grievance committees take them seriously sometimes not, it is hard to say.