I believe that in order to accomplish this, I will have to invest in the guts of the house ( Plumbing, electricity, cosmetics) so that I can comfortably ask for a higher number that I bought it for. 

I like to have some money saved up aside from down payment just in case something happens in your life (laid off, accidents, and other emergencies), so I believe that it is much more safer to have at least 20-30% down payment when purchasing a home or investment property.

I believe the pre-approval letter lasts for ~90 days depending on where you are borrowing from and with the interest rate that was offered.

@Chris Torres I believe you are correct.

I'm a big believer in finding a niche that works for you in your market and your specific needs.

This fact alone is leading me to believe that I should convert my condo to a corporate rental.

@Alex Whittow I believe there is more in the docs that you sign than just this but this is an example of a disclosure most lenders have at every closing:

Can't believe I've never considered this...

Yes banks will count I believe it's 75% of rental income when qualifying for conventional loans.

I believe this is something I could get really good at, as they said, "I do not fear the man that knows 10,000 kicks.