But my question is, will I get the bank loan/mortgage that I was preapproved for?

if i decide to cash out refi, is this what the bank's appraiser will approx appraise it at?

Our LTV is less than 50% ( yes no risk at all for the bank, and we have top credit score.We already paid the appraisal, environment fee, wasted countless hours etc...The texts in LOI: Financial covenants:-- Min DCR based on actual rents for the first trust deed of 1.25:1.00 based on a 25 year amortization by the end of 2018.And in the loan doc---Property is to maintain a 1.25:1.00 Debt Service Coverage Ratio, tested annually.We would not have paid the fee and sign the LOI, had he included the phrase tested annually.Please understand that the loan  will be for 10 years long, and we are very confident that we will always have fund for the monthly mortgage payment.

Bank foreclosure How did you finance this deal?

A good bet is to visit your local banks and see what types of products they have.

You maybe able to get the bank to agree to a short sale instead.

It sounds like you could come into some nice appreciation on this deal (but never bank on that).I agree @Dennis M. 

I've had friends that host Chinese exchange students at the high school level.

Think Refinancing would be best bet as I would have a fixed interest rate but would have to find a bank deal that closing costs to make it worth it. 

Thank you for your reply..Coming in first time and having no experience in acquiring a real estate property, wouldnt the banks look down on me despite my excellent credit score?