They usually need to if the auction property is on the MLS.Depending on your total preapproval amount, the buyer’s premium can be added to your financing.

Is the current owner a slumlord and the units are no where near livable and safe, meaning you would be adding about $80k to get the place in decent shape?

The combination of not being able to put 20% down and being a landlord is clouding my judgement***Option B: Sell current, live in new primary- Use the equity for 20% down payment (no more PMI) and for renovations - Cash reserves remain untouched for a different investment property next year, and more would be added to this fund but then as well- Very unlikely I would be able to get the same kind of cashflow from property next year, but I could do more "tenant friendly" updates, instead of the marble bathroom countertops I have currently. *** This seems to be my gut answer, but I might be saying that out of fear***This is the current home.

That said, those numbers can be added to the BP calculator by using one of the other columns that either add or subtract monthly. 

You can look to see if, for example, there’s room to add a washer and dryer in the unit, or if a carport can be added to the parking area.

Have one property and will be adding (hopefully) one to two per year. 

I was shocked.I said no of course and he call me more bad names and said how I was wasting his time by "asking too many questions" and not wiring him and/or his contractor the money.After more heated back and forth he agreed to have me wire him $8K to cover the legal costs to have my name added to his POF (by this point, I didn't even want to be added to this stupid document EVER), James said that "too many people has taken my money and ran, so this would legally cover him".I was living and jumped on the phone with this so called "contractor" that I met earlier in the week asking him "OK FOR REAL, WHO IN THE WORLD IS JAMES!!?"

And each week you’ll be adding the new Lis Pendens for the week.

Like Jason mentioned, get some referrals to a couple of good loan officers in your area, talk to them about your scenario and strategy, find one that you trust and can build a relationship with and discuss with them how you can make sure to set yourself up to qualify for a loan income wise, best to do this before you file your taxes this year as your tax preparer may be looking at best refund vs best way to show income that a lender will use on your schedule c & e, also please do not forget to use depreciation on schedule e if you can, depreciation is a deduction that can be added back in to your income, I have seen a lot of schedule e's that do not have this deduction when they should have.   

But you will need to indicate on the plans added CO sensors in the bedrooms and at stairs, and any plumbing you'll be adding.