Is this true or am I understanding it incorrectly?

It's the logistics that gets me hung up simply bc it seems like 10 people are involved and so if I pull out, am I disappointing 10 people and wasting people's time?  

Here's a question I want to put forth regarding my getting pre-qualified.Presently I'm putting the pieces in play to buy a duplex property or single-family home where i might an ADU in back to live in while I rent out the main house.This will be my first deal that I am seeking a loan from an institutional lender.My credit score is outstanding (820+) but I don't currently own any real estate.So my question - We often hear BP investors talk about the importance of meeting local lenders, credit unions, etc. in order to develop relationships with these local lenders.Since this will be my first deal in my name, am I better off simply connecting with a good mortgage broker rather than going to several lenders directly to shop for the best solution for me?

In no way shape or form am I saying go pick up magnifying glass and become a detective.

what else am I missing? 

Right now, as I understand it, you have a mis-match in legal entities: Your LLC has title to the property, but the mortgage is in your name.

Am I correct that it would be based on the 40k/yr or would the pre-approval be based on my past two years of income?

Am I allowed to have this conversation with the tenants and be the paying party for the "Cash for Keys" agreement?

Or am I just asking for more problems since we now have had water in the basement once, should I expect to have to deal with water under the vinyl floor again?

But my problem is (1) how do I get more than 4 loans in my personal name and (2) IF I buy these properties under an LLC then how am I to cash flow if I can only get a 15yr MAX term (if I can even get that)and only putting 20% down?