Pre-approval strengthens your position as a serious buyer.Research Loan Options: Explore different loan programs and understand their pros and cons.

However, you are making the assumption that being nearby the property would somehow mitigate risk of not understanding market, tenant, property.

At this point, the property exhibits completed updates, increased revenues, and appreciation.So, the best use of investor capital is to sell the property so that they can seek their next investment project.Once the sale is complete, investors get your original capital back, plus a percentage of the profits.While slow & steady cash flow can be nice, selling the property allows investors to multiply their equity faster over time

I understand that there are some requirements aren't a legal necessity to obtain, but would look better for future LPs.

I would like to better understand the financing options that are available. 

I'm in Houston so would like to start in my backyard but need to do market research to understand land prices, expected rents and market saturation. 

When deciding, obviously check online reviews and also understand the difference between custodial solo 401k and checkbook solo 401k. 

I understand what motivated sellers are and when you do, you will see that you CAN NOT target them.So I focus all my energy into being the easiest person ALIVE to be found to a very specific audience: People that are willing to sell their house below market value".THAT is how and why my wholesale deals reach 6-figures+ consistently.Want more direction?

The secret is understanding "Motivation".

It sounds very lucrative, and I think I'd need to have some construction/builder knowledge to understand how to rehab a property.