It's a business, if you find some is abusing it financially (not paying rent) or physically (damages),, you push the envelope and write up a lease violation and if necessary evict.. doing regular inspections let's you bill tenant for undue damages when they occur.. and yet still have the deposit left to help when they leave.If you haven't yet,, download copy of the landlord tenant laws for your state.. 

I have listened to a bunch of the podcasts and have been following the blogs and forums regularly.

To add to your first question about getting prequalified -- I can only speak for myself, I prequalify potential clients on a regular basis with the credit report they provide, if they have one. 

Total loan is limited to FHA loan limits for the county.Also includes mortgage insurance premium just like a regular FHA loan.203k takes longer to close that a regular FHA loan, which can impact the strength of your offer.

We buy and sell them on a regular basis.

It works the same as the regular FHA loan with 3.5% down payment.  

@Kyle Umlauf, this topic comes up regularly.

The average real estate agent does not commercial experience, you want someone that sells commercial properties regularly not someone that sell house to homeowners.

If I was inexperienced it would be about 60$/sqft... usually rehabs are 50-75$/sqft, this means full gut rehabs or just regular rehabs.

I was pre-approved before I shopped around and I was in regular contact with my lender.