Just be careful as often Note brokers are sharing assets that are not approved by the seller to share and the assets could be old. 

The property is older and the appraiser gave a list of repairs needed in order to be approved for FHA.

Quote from @Clint McMillian: I know for a fact that a good number of my tenants have been faking/cancelling renter's insurance soon after getting approved for the lease.

That would be identified through the pre approval process if done properly.  

Most lenders require the delinquent balance to be paid before approving a VA loan assumption.

(1) Ask for a pre-approval letter of some sort from their commercial lender?

Melisa Justice, and she helped me navigate the entire Journey, it was a process not too long, it took about a month, and the process would have been definitely very hard being that I was on a different state by Melissa made it a lot smother, she was very responsive to all my questions (and I had a lot of questions), she helped me find a lender that would fit better for my financial situation, once I was pre-approved she connected me with the right property inspectors, and all through out the process she kept in touch pointing me the right direction all the way until closing day, all this to say I Definitely recommend her for any body the is finally ready to take the plunge and get started with their real estate carrier, I definitely will get in touch with her when I'm ready to buy my next property!

What she mentioned was - They normally reach out to the lender to give them an option to approve the Wrap, if they do, then I can cancel my insurance and the new buyers insurance will suffice having both myself and my lender as mortgagee's I believe? 

It's usually the member/borrower's creditworthiness that is the issue and interferes with approval, not the LLC. 

Hire a Licensed General Contractor (Best Path)Since you’re still getting your Michigan Builder’s License, you might have better luck partnering with a licensed contractor for loan approval.