I am looking into my first property and have been pre-approved for a renovation loan from a conventional lender.

Definitely talk to a couple of lenders to see what you are pre approved for. 

Pre '2010', maybe just maybe it will lean heavier on the fundamental mechanics than specific processes. 

Find a good lender, get pre approved, make sure you practice running the #'s using the 100's of videos and guides from BP, find an investor friendly Realtor, and then start making offers on any property that meets your goal.

We tried to explain this to VRBO call center reps, but they can't offer anything other than telling us to lower prices to pre-Jan 6 rates. 

My spouse only makes about 45k pre tax and I essentially cover most of our living expenses except for groceries. 

Also seems like a lot of MF sells occupied with tenants in place so you just have to comfortable with that and contracting up from and seeing inside after contracting.    1st step is to find a great lender and get pre-approved for a loan so you know what your budget is. 

both have 5yr pre pay penalty. 

Understanding the tax benefits of pre-tax contributions, cost recovery, real estate professional status, legacy goals, etc are all part of the equation and should be considered. 

However, if you feel you need their input earlier, you could offer to pay for their visit to walk the property with you pre-inspection.