With the HELOCs now set, we are curious as the best way to approach getting pre-approved for our first property while we search for the right fit.

The problem with metrics is that there is no one metric that fits all investors and situations.Looking at some of the enervation shows on TV, the price they pay and what they put into the property would never work in the markets we have experience in.  

I've got a good amount of deals I could probably send him to get the 10k each, assuming they fit his criteria, they don't fit mine.

.✅ Do your research to learn what is realistic.Spend time really considering what type of business is going to be the best fit for you based on your experience and how you want to spend your time once you are the owner.

I know becoming a part time agent is one way, but where we live in south Florida seems to be overfilled with agents and I don't think its a great fit for us right now. 

So for the first property which will cost over $1 mil to construct, there will be stacked loans, essentially $280K will come from loan assistance program,( the name is not correct but the same idea).

I second @Erik Estrada Chase offers great programs for business, multifamily, and conventional loans for commercial properties.

We utilized the down payment program and use our own money to fix it up.

Plus, very important to understand the new layout and how the dig down will effect the existing stairs, plumbing, etc.Happy to connect and talk through your specific situation because @Bruce Woodruff mentioned every project is different and know one price fits all espeically with these complex jobs.Where at in Chicago is your building?

Always use a property manager to keep your real estate investments as passive as possible and keep you compliant with Fair Housing laws.This way you can learn to manage the property manager and learn from experience as you go.If you buy a bunch of properties all at once, they may not all fit your buying criteria, there may be deferred maintenance that needs to be dealt with all at the same time, and you will not have accumulated the management experience building your portfolio one at a time.To Your Success!