They should be able to get you some sort of pre-approval letter (of course it will still depend on inspection and appraisal from them).

After you will out the paperwork and generally before the inspection they will tell you what they will pay. 

Monthly inspection now in place...1st house was reappraised at 60k we owe 38k so assuming useable equity of 80% gives me 10k. 2nd home bought at 57k appraiser at time of purchase said fix all the small issues and its 120k+.

They will also charge you to have an inspection by a 3rd party to make sure the work is done.

They will also charge you to have an inspection by a 3rd party to make sure the work is done.

It will fit the requirements of separate electrical meters, separate sewer connections, distinct shutoffs (electric and plumbing), independent HVAC, 5/8" Type  X ceiling sheetrock (whatever that inspection entails), meeting egress requirements, etc.

Have you had an inspection performed? 

ValuePenguin is a good source for the relative cost of insurance by state.Operational Costs - Costs like property taxes, insurance cost, state income taxes, regulatory costs (ex: time and cost to evict), inspections, rent control, etc., have a tremendous impact on your return.

I need it to pass a CO inspection.

I need it to pass a CO inspection.