I approved expenditures over a certain dollar amount but otherwise gave the PM free reign. 

Whatever you do, don't let an agent just doing a placement for you also handle applicant approvals!

Insist that estimates are obtained for any work of $xxx or more and that your approval be obtained before any work over that amount is engaged.2.

Cash could mean "as good as cash" which might mean a line of credit that doesn't' need bank approval, literal cash, hard money loan, etc.All types of properties are sold off market. 

The only difference is whether or not you'd be able to offset against your ordinary income...and that's also assuming your income level is under a certain amount (my apologies if I'm pointing out something you already know).As for syndications, as long as we are talking about equity purchases of commercial property and not debt or some of the other fancy syndications out there like secondary market litigation or insurance, you will have very large passive losses starting from your first year.

I don't think you even have to ask her approval for what size you out in there.

We are pre-approved up to 600k and looking for a duplex or single family to hold and rent.

I approved them based on the fact that they were related and I figured together they knew each other and could work it out. 

There is no special approval for FHA lenders to originate a 203k Loan.

I am working on my first deal and I have started working on getting a loan pre-approval.