An honest answer would result in both lenders wanting full detail on the other purchase in regards to PITI and approval. 

@Surendra Chawla a qualified property manager will pull together all the application info and background info on the tenants and then present to you for review and approval.

What comes first, identify the property, then the LLC, and then financing approval?

I’m a MLO that lends in Indiana so feel free to reach out to get started with the pre-approval process or to run some preliminary numbers. 

Hello BP members, I would like your opinion / experience on the below investing idea:I want to buy a rental property but don't have the 20% down payment the bank requires for me to get approved for the loan.

Get the business pre-approved for a loan and take it to market with a business broker. 

I've been pre-approved for a loan and I'm eyeballing any properties in two different counties that are 2-4 units.

Your credit score is definitely high enough for an approval. 

Trying to find the best rates I can.My logic for asking these questions is to talk to someone who can tell me what I am able to afford: get a pre-approval letter.

@Andrew Alday I just graduated in May of this year and got approved with my offer letter + first two paystubs.