I am glad the economy is doing well, but to be honest, I can hardly wait until the next big dip. 

Why on earth would you wait until she was shorting you rent to take action?

Asking prices are high, but sellers in this market are generally more patient and willing to wait for a buyer who likes the property versus a fast sell < 2mo. 

And can you rent the home out while you wait to occupy? 

I bought these items, they reviewed them, ran my credit check, and awaiting word of my mortgage approval.While we were waiting, I was told the property which I bid on, the bank had as REO for three years.

And move forward.And don't wait on getting signed leases.

If it's a 50 acre plot that only takes a few weeks versus thousands of acres that might take a year or two?

It's not earning it's keep where it is and is losing you thousands on lost opportunity every month. 

I’m concerned about the long waits and the timing required to get both my mother and the unit approved.

1) wait until beginning of 2019 … complete and  file tax return making sure you make your net income as large  as possible 2) possible to  add a co borrower to the property that  would allow a loan now ?