There have been numerous people on BP talking about how they paid application fees but they could never get their loans closed on any deal brought to the company.

Since you’re pre-approved, weigh the costs, risks, and rewards of each market before making a decision.

You likely don't have the net worth, proper LLC management or proper separation of personal interests to make this an effective approach. there numerous BP threads you can search to get more insights. tldr - keep under personal name and get a good umbrella plan. 

But she now sees the rewards of buying and holding rentals after 10 years.

I have not done a deal with him, but I have met him numerous times and feel he is a man of good character.

Sometimes big risks can lead to big rewards.

I find that less than 1 in 10 really do much about it, but it's very rewarding when one hits that million dollar mark.

With the numerous investors on this forum they have done this to, it is probably just the tip of the iceberg. 

@Paul Cijunelis  thank you for this response Paul, well I firstly got interested in CRE when one of my high school teachers told me about how he does it and that kind of started my interest, I really love CRE because I've noticed it's a very lucrative and risky business like high risk high reward, but not just that I really love seeing a bunch of properties being brought back to life with renovations.

There have been complaints filed by multiple parties. having been a broker for many decades and owning 3 brokerages over the years.. at least out this way when complaints come into the DRE and they are numerous they will most certainly send an investigator to this companies office and request the books.