I was pre approved for 175k.

Essentially you have to prove to the loan underwriters that you will be able to occupy the home within 60 or so days or they won't approve the loan.

We're waiting on the lender's final approval to close on #4 (80 units), and now have another 150-unit under contract. 

The house was just listed on the MLS stating it is an approved short sale at 260k.

The thing is, make sure your numbers are right because if they approve you for $200K to build, that is all they are lending, even if you find out you are 10K short on something.

You may want to reach out to a couple lenders to confirm this, having pre-approval set up before searching for a deal will save some headaches.

Then once you've got that covered get pre approved and start looking at properties to buy through a commercial broker.

Approval of loan is based on cash-flow of property & credit score (no income documentation required).

Two weeks ago NorCal threw down with this:"The Oakland City Council on Tuesday approved an ordinance that would prohibit landlords from asking about a potential tenant's criminal history or rejecting them out of hand for having a record"This week, SoCal said, "Hold my kombucha..." and replied with the above.

I’ve been analyzing deals daily and getting a good understanding of our market, my financing approval is finishing up this week, and I will be starting putting offers in next week.