I know the bigger institutional HMLs require an appraisal.

If however it's mom and pop tenant with a cherry national tenant lease structure and rents at or above market then that's high risk for me.

I’m seeking advice here if I can have preapproval with local lender and national lender at the same time.

I'd invest passively into multiple asset classes with the following breakdown:50% Class B value add multifamily -- this class of asset has some of the highest stability and most institutional cash flowing into it.

If you don't want to do that (which is very easy but most people just don't realize that) then you should look into a modern national.

For entry level investors it can be tough to find properties that are listed before they get picked up by institutional investors with sophisticated tools and algorithms. 

When I type in my info to the Zillow mortgage tool or the NerdWallet tool - I'm seeing options from lender such as iPro, BNC National Bank, Better.com, etc. 

I blame it on my ESL classes.By the way, I seem to not be the only one confused, judging from this article:https://www.bisnow.com/national/news/economy/construction-companies-eligible-for-cash-under-cares-act-but-homebuilders-still-in-limbo-103805PART 2 - INVESTING and SBAThat old SBA guide (and it is specifically referred to in the SBA guidance on PPP) has another troubling section, listing businesses that are ineligible:"Passive Businesses (13 CFR 120.110 (c))(1) Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except Eligible Passive Companies under 120.111) are not eligible.(2) Businesses primarily engaged in subdividing real property into lots and developing it for resale on its own account are not eligible.(3) Businesses that are primarily engaged in owning or purchasing real estate and leasing it for any purpose are not eligible.

For example the RE prices in my market is high, but wages are close to national average. 

It seems like a lot of people in BP nation like to self-manage STRs.