This is at a pre approval stage so there is no real commitment until they submit an offer, sign and commit to a broker. 

Build a sample deal package, take it to lenders, get preliminary approval and establish a relationship.

In addition, large companies are now being approved to spend heavily in that area.

For example if the bank you are working with uses 80% loan to value and your house appraises for $200K and you have a $50K mortgage, they would approve you for a $110K HELOC ($200K * 80% = $160K - $50K mortgage = $110K HELOC).

I have read that LLC's can be approved for an FHA but would like to hear what the real estate community has to say about this. 

I have been approved for a 390k conventional mortgage as well as a 375k FHA.

You should hire a third party person that is approved by the seller like your title company or an attorney or any individual you both can trust. 

I got approved for an FHA loan, which to my understanding doesn’t let the owners rent out the property.

I am a 1099 employee, which is making the pre approval process quite difficult.I have great credit, no debt, and sufficient funds, but since I don’t have 2 years of 1099 income that doesn’t seem to matter.

But I am still operating with the mindset I had when I got the first house - basically get pre-approved first and then look for the best house you can afford.