So you can't just get a pre-approval for all properties like in residential real estate, but a pre-approval for the exact property you are going to make an offer on (Is that correct)?

It’s only when they’re trying to wind down a fund do you see which properties are the duds.I’m of the opinion that funds tend to be a more sensible platform when there’s a pre-identified number of opportunities that a sponsor's looking to capitalize on immediately.

I went to the bank to get a pre approved letter as and was denied bc of my income.  

You also have to consider loan amounts typically need to be above $250K will carry a 3-5 year prepayment penalty.The biggest thing I see is loan officer are quick to offer a pre-approval for you but the fail to run the DSCR/Rents ratios up front.

Purchase price: $425,000 Cash invested: $100,000 Converting resident to rental in a ski/lake town.

Get a pre-approval letter from a trusted mortgage broker (I would avoid large banks)2.

All around Jackson, Conway and North Conway you can find some great SFR's, Townhomes, and smaller cottages that get a lot of traffic 365.You have 5 main Mountains to Ski/Snowboard/Tube plus lodges all in that area as well as a great off the beaten path town filled with coffee shops, Bars, Restaurants, Ski shops, Outlets, Mall, and a  Main train station that goes all the way up into the White Mountains. 

That also goes towards the idea that you don't want a pre-payment penalty after a certain time period if you decide to refinance your deal to get a better rate down the line.You definitely want to compare the deal your seller if offering to what else is out on the market.  

Occupancy in big bear plummets when the ski resort closes around April, then heals a bit in summer for lake season.

So the OPM thing does exist, but it requires the organizer to pitch people on a fixed APR with interest only payments disbursed monthly.