The underwriting process will take place once you are in contract meaning your offer being accepted from the seller.

I'm under contract to buy a 6-plex at around 60%-65% of its actual market value.

In Iowa the law was just passed that makes assigning contracts as a business model Illegal and the closing attorneys will not close those.This was a Wholetail deal  IE buy it trash it out and sell as is.

so much private land has been logged and replanted since then.. in those days we would buy a 40 lets say for 150k  take 200k of timber off of it then sell the land on contract for same price then hypothicate the note to pull out more cash rinse repeat.. we also would use our logging roads and staging areas stratigically so when we left the roads were in the right place to do a 4 way lot split and the landings/stagging areas became the building pads.. in the NW permits for logging are not tough.. in those days it was over the counter and there was nothing you needed to do with regard to excavation.. however if I just bought the land and wanted to put in roads and pads then I would have had to get a grading permit and all the survey and engineering that went with it.. its was really something how we did that.. and I miss it to this day.. the other item that made it so profitable was Japan was paying premium for Export quality doug fir logs.. you could get double or more for export logs.

The only other thing I can think of @Michelle Berge is if you call the C.A.R. legal department regarding your question or start studying for your broker's exam..

Should I get into contracting with a flipper or custoM home builder for 50k a year 1099 and start my own llc and be a “real estate professional” and learn the ins and outs while making less money at first,  or take a sales job 9-5 that makes 150k a year w2 and build up capital first. 

Just get legal help next time. 

When investing in any type of real estate in the U.S. as a Canadian, the entities that you set up are so important from the perspective of avoiding double taxation and legal liability.

You technically need to be registered in the state where you will be utilizing the legal system.

I've had several bids, all much higher than the original, unrealistically low contract price, with of course a lot of variety in the price, experience, and track record of various builders.