Recently sold our home and living with Parents rent-free as we plan our big move.I am currently pre approved for a 600K mortgage with 20% down to purchase a “second home”, current primary residence being my parents as I am on the title.

I have a pre approval that includes 40k in rehab cost but I am unsure if this is a sufficient amount.

I'm currently in the process of refinancing my home and planning to get a pre approval so I could start looking for my first rental property.

Should I try to make sure I am pre approved for a loan already to get out of it?

A pre-approval usually involves providing real information to the lender and having them issue a light approval, which is then subjected to the full underwriting process.Sometimes they are used synonymously, and sometimes pre-qualified doesn't actually mean anything at all. 

I typically use a 15 Business day inspection period and "This Contract is contingent upon Buyer's partners' inspection and approval at the sole discretion of Buyer's partners any time before the inspection period ends.

Where we are, the permit process for approval is 6 months alone, sounds like you are in a market where that process is MUCH faster (which helps a TON with holding time/costs/interest).How many of these have you done? 

Right now I'm pretty much focused on shopping around for the best mortgage (pre-approval) and a agent with an investing mindset.

Is there a dollar limit that they need your approval for?

I'm a lending specialist in the area and am happy to assist with a pre-approval / loan questions if needed.