If it $500 and they approved $600 there is a possibility that they may owe you $100 but it is doubtful. 

I got approved for a HELOAN on my primary property but not sure if I should take the loan to just use as “leverage/reserves” to show the HML and get funded.

For that reason my money is elsewhere.You are almost never alowed to do your own renovations, and have to pay an application fee to get approval to do work on your rental.

The second page is a page for the doctor or professional stating what the tenant is requesting and giving them a little info as to why we the landlord are asking for it. the 3rd page is the ASR with simple yes-no questions. the 4th page is the approval or denial with what information was considered as well as contact information if you want to allow the 2nd review if a larger company.  

I used to work in finance and we could get clients approved for a HELOC in less than 24 hours which will be much quicker than the cash out finance.

If you are thinking of buying a fixer, I would consider buying now before plans and everything get approved for all of these homes. 5.

We are running into a roadblock of him getting approved for a loan.

It could be a nice opportunity however I would be certain they will want you to make up the difference between $250,000 and whatever is left on the mortgage which btw in my opinion should be done with lender's knowledge and approval. 

I wanted to start tracking my daily hours in the business and wanted to understand HOW I need to do this so it gets approved come tax time. 

So accepting and approving multiple applicants is the norm?