-If you don't have to purchase the home, do you still have to get approved for a loan in order to make an offer?

And while I'm on the topic, I've read you have to prove you have tenants ready to move into the BRRRR after rehab is complete in order to get approved for the loan....True or False?

The bank has already approved me for a $446,000 loan with the purchase price set at $421,000 and I was estimating to giving him $5,000 after closing.

If you do not get approval with your local building department then it could cause you problems down the road whenever the home is appraised or when you go to sell or refinance.

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.