Based on your numbers, and assuming you have a credit score high enough and have never filed for BK, you shouldn't have an issue getting approved for an HML to buy/rehab the property that I would estimate at about $370k-$375k (which includes 100% of the rehab costs).

Regardless, you should first talk to your lender and tell them exactly what you’re planning and get their approval.

I am hoping to make connections to learn more about this market, which neighborhoods to focus on, as well as learn some pro tips as I begin my investing journey.To note, I have begun the loan pre-approval process and have a dedicated agent that is eager to find me a great property. 

Jimmy,You need to show (2) years of 1099 SE income in order to use FHA, or traditional financing to get approved for a mortgage.

I'd use an approved underlayment.Pro Tip: If it's cheap, it's not good.....at least spend in the moderate range.

Each change took a meeting, then two different public hearings, then a Board approval meeting. 

Read carefully any PPM for any of these syndications and identify how many times the SEC demands the following disclosures: 1) you can lose all your money 2) there are uncontrolled risks 3) there are no guarantees 4) the numbers are all hypothetical 5) the syndicator will use leverage 6) the market usually fluctuates 7) the SEC does NOT have a copy of the PPM 8) the SEC neither read nor approved the PPM 9) the SEC does not vet the syndicator 10) the offering is not registered with the SEC 11) there are conflict of interests 12) the SEC encourages you to seek professional advice Etc etc The game of real estate is based usually on investing in your own back yard and getting some reasonable leverage and if things go against you, then decide if they are issues related to the market cycles and you can hold on till the market shifts and recovers or you should just dump the project at a loss and pay off your loan.

I am working on these to see if theres is any way to approve them but I am wondering if my minimum requirements are too high for this area or if I should stick with it.

Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

It’s great that you’re pre-approved, but I’m curious why you’re leaning toward traditional lending instead of hard money, especially for a flip?