As you may have found in your search, there are lenders that will lend up to 80% of the appraised value on investment properties and don't require an appraisal.Let me know if you'd like me to point you in the right direction.

The great part about contacting the CDC directly (and a large one such as TMC) is they can make referrals to banks that would be interested in your project (i.e. banks that have been actively doing SBA hotel loans)...rather than you having to chase down the bank first, which can be very difficult.Regular commercial lending requirements are applicable (will vary by bank):1 - no bankruptcies2 - no foreclosures3 - FICO > 7004 - net worth >= loan amount5 - post closing liquidity >= 12 months of P&IIf this works out, you are going to be glad that you made this post.

Another way is by networking with property owners directly, such as through direct mail campaigns (trying checking Corefact)

There will be mishaps along the way and much of the advice directed to younger investors is they have more time and less capital to cushion those mishaps and unforeseen expenses. 

I am new to BiggerPockets, so if I am in the prong place please point me in the right direction

If you need further help, DM me and I’ll point you in the right direction!

That'll help you figure out what direction to aim in before speaking with a bank to figure out how much you can qualify for. 

Yes, the government pays the Section 8 rent timely, but more and more tenants are having to pay a portion of their rent.

To answer your question directly: a person should apply (whatever that means in your process) before being asked to screen.

Keep in mind this is a self-directed account and most are not.