Take Action = Get pre-approved/deal analysis/write offersI love the plan of purchasing close by. 

You should be asking for any kind of pre-approval letter as well.

That’s another reason to hold off on an offer, since there's no proof of cash to close yet.As for the HELOC funds, I'd proceed cautiously with borrowing from other sources if you’re not yet certain the loan will close, and I’d double-check if your application has been officially approved. 

Yes, rents have been decreasing in certain areas, and it’s definitely having an impact on how landlords are handling tenant approvals.

After 7 weeks, I called to say that I see I have to approve something in my dashboard, but there is no attachment and nothing to approve.

The number of properties an LLC owns can influence DSCR (Debt Service Coverage Ratio) loan approval for several reasons.

The problem is if you work with conventional financing (most investors do starting out) lenders won't approve a 3-5% DP for the next property.

If your Offer lets you "review and approve" of leases, and you feel they are not as expected and decide you can't live with the turnover right after purchase, than can discuss backing out with your agent. 

I don't believe section 8 in our area, here in se Iowa, will back pay for the time waiting for applications to be approved.

The easier solution is to make the basement technically part of the 1st floor even if you won't use it that way, getting a third unit approved is not something that will be easy.