A pre-approval letter states that it's been approved by an individual that is approved to do so.

And if so, what would you say?

As many STRs in the area, I have been dealing with cancellations and loss of revenue and will likely to do so for the forceable future.

So, come November 1st, they only owe the remainder for that month. 

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

@Jenni Utz Great information and thanks so much for it!!

That means you make 2k in origination and then 11k/12 = $916/month.Let's say they hold it for 5 months = $4,580 + $2,000 origination = $6,580 return on 100k so about a 6.58% return and your risk for that return is 100k, cause the deal you back can go sideways.There's a much safer way to make a better return. 

So you can't do a 1031 exchange towards a loan paydown on a property you already own. 

I'm new here to BP so I'm late to the post here.

You may have to pay a couple hundred $$, but it's well worth it..Bear in mind that an hour walk-though may or may not uncover everything that will be on the final Scope Of Work....so add 20% to the number that you get from the GC.You will need to do this quite a few times before you will be able to do it yourself, someone said you can after just one time, but that would be wrong.