People have taken out car loans and lost FHA approval at the last moment.

 A few things to consider...1) It can be used as a negotiation point to lower the sales price.2) Perhaps call the local county permit office to see what it would take to get it approved?

I have never been pre-approved for a loan before so I met with our favorite bank lender yesterday to get some numbers of what my budget would be through a bank.

This can mean you'd lose your deposit if not approved for the loan.A buyer's agent in a competitive seller's market will oftentimes recommend:- making a 'best and final' offer since there may not be an opportunity to negotiate with a seller who has multiple offers.

I have a conventional pre approval for significantly higher than my max bid and I have completed all of the title and lien searches.

I would suggest getting approved for the refinance first before you attempt this purchase method so that you don't have an issue with the financing, especially if you consider getting a hard money loan, the private lender will want to see your pre-approval letter so they know you will not get stuck. 

I already asked if they would approve increasing the amount but because it's now purely an investment property, they cannot increase the limit.

Purchase price: $62,000 Cash invested: $5,200 Sale price: $95,000 2 units that had a possibility to be 3 units if could get approval from the city.

I am confused about how to get approved for a new loan by myself or with a business partner when my current debts and assets are shared by a spouse who will not be a part of the deal.I can give more details if necessary but hopefully the basic question makes sense. 

I have a conventional pre approval for significantly higher than my max bid and I have completed all of the title and lien searches.