This is not only practically wise insurance but also will pyscologically allow you the freedoom to reject inappropriate tenants and wait longer for a solid tenant to appear.

You just make an offer and the bank rejects it or counters, and you go from there.

I'll let you know if we get an accept, reject or negotiate from the bank.

Learn to live and grow from rejection.

A follow up question, once my initial bid has been rejected and I know what their counter is, should I just wait until I anticipate a price reduction before starting to resubmit my bid on a daily basis, or should I be submitting daily regardless of the age of the listing? 

-Don't be afraid of rejection.

Starting in the last year, financial institutions have started getting more serious about them and WILL reject applications from even decent sores (700+) due solely to too many inquiries.

the more people i meet, the more i can be rejected.

When I called FHA directly, they said 30 to 60 days from when package is logged in (you can check the FHA logging list for status (received, rejected, etc.).  

Unless you try to submit an offer with inspection contingencies, but chances are they will immediately reject it.