Make certain that you have the report from a HUD approved 203k Consultant first so that the contractor will know what is required to meet FHA MPS/MPR. 

Does anyone have any advice on how to get approved for $1M loan?

And separately, does anyone have any good experiences with FHA-approved lenders (ideally in the northern Delaware area) that they'd like to share.

How likely is it that I get approved for a $1M loan as my very first investment loan if I only have a good credit score and the place I’m looking into produces enough cash flow to pay for the loan and still put money in my pocket?

They will temporarily ignore remodel permits but will approve roof repairs, water heaters, plumbing repair, etc...Before any of this, our city was having a meeting about housing which is an ongoing issue in our tourist based local economy.

It was a smaller bank that approved our loan.

What are some ways and things that can help you get a pre approval letter

I did not know that, I haven't really looked into USDA loans for my first deal because I'm looking to try and stay within my town for my first deal, but it seems to me that a loan officer in your area should know in layman's terms what criteria the property would need beyond being in a USDA approved location.

That's the nice thing about TX, we have one approved P&S agreement.

Now I'm working on refinancing my primary residence and getting pre-approved for an investment property purchase.