You are beginning to sound like a Poker player that keeps adding chips to a pot, looking at 2 Aces and a King, thinking the odds are with him drawing another Ace. 

Wouldn't it make more sense to get the pre-approval first that way when he identifies the target property and puts an offer in he can tie it up, do 14 or 21 day loan contingency and use that time to secure the loan?

All security deposits held by the seller are transferred to the buyer at the time of closing.

Equity Build and EquityBuild Finance are being sued by the Securities and Exchange Commission for running a Ponzi scheme. 

Most times just putting some type of secure cover on it will suffice as it's usually an insurance company concern.

If you don't have any credit yet (car loan, credit card, etc) a good place to start is getting a secured credit card with your bank, which should help you start building a credit report and score.

If the Line of Credit is secured against a piece of real estate that would help in most most cases. 

I just became a pro member a day or 2 ago and watched the webinar on multi families (I know there is more out there on the subject I've listened to Crushing it in apartments and commercial real estate by Brian Murray around 5 times now) but I just don't know if I'm suppose to go secure my finances first or look for a deal first.

I will be installing new security cameras around the area but that will only capture what has happened. 

The income is taxed as interest, which means ordinary rates but no self-employment (Social Security/Medicare) tax.