Budget is $200,000 and I plan to put down 20% that is a gift from my mother.I talked to a mortgage broker with Edge Home Finance and submitted an application for pre-approval.

STR's within city limits are extremely rare due to zoning and density requirements, just outside city limits with the county is feasible but can take six months to process the license application. 

Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum.

Late fee is considered reasonable if it is not more than 12% of the rent for the rental period under the lease for a dwelling located in a structure that contains not more than four dwelling units or 10% of the amount of rent for the rental period under the lease for a dwelling located in a structure that contains more than four dwelling units or the late fee is more than the applicable amount but not more than uncertain damages to the landlord related to the late payment of rent, including direct or indirect expenses, direct or indirect costs, or overhead associated with the collection of late payment.A late fee may include an initial fee and a daily fee for each day any portion of the tenant's rent continues to remain unpaid, and the combined fees are considered a single late fee.

If they did try to use that appraiser, I would simply refuse them entry to the property, cancel my application, and start over with a different lender. 

Sure thing, happy to share what I've learned if they're applicable.

if you don't have experience don't buy raw land. buy entitled land or partner with an experienced developer. we are working on 4-5 rezoning applications at a time.

on the mortgage application.  

You need to head to a store and look at appliances.

Perform the same task in each app to ensure a fair comparison.Load a property with pictures and details.Market that property.See what your marketing looks like from the public's perspective.Submit a fake application to see how easy the process is.Run a credit/screening report on yourself.Enter a maintenance request, assign a vendor, and attach a fake invoice.Enter charges to the tenant's ledger.Enter recurring charges and automatic late fees.Sign documents electronically.Run owner reports.After testing a few apps, one should clearly stand out.