Main point is my parents did not get approval for this purchase on their property.

You need to connect with smaller local banks, and get approved for a conventional loan.

It was our first flip with cesspools, underground oil tank and well, so we got to experience the process of installing a septic system which literally took FOREVER to get approved, but we learned A TON along the way!

I already locked in the pre-approval and we're moving to that market so that we can begin building our business in that area.

To do this a full approval is needed with credit being ran and income docs supplied. 

The lender took more then 50 days to give final approval so I think I missed the 90 day deadline by a day or two :(Guess I'll just have to try it again ;)I'll post again after officially closing.

Have you connected with a lender and got pre-approved?

If your PM doesnt let you have final approval of tenants then its easy to put the first applicant in an over priced property.

When she was originally approved conditionally for the loan and began this process when she had worked at a facility for the last 10 years.

You won't know what type of loans an individual property is a candidate for (depends on value and condition), but you'll find out the lay of the land and what kind of loan you can be approved for.And don't just go with the lender that your realtor recommends.