Then you have up to 6 months to hold while rehabbing or holding property and you will pay interest only payments of 16%APR. 

From my experience, its pretty easy for a banker to give you a pre-approval letter.

Got good APR compared to other companies.

Ideally, I'd like to cover the new terms when I sign the lease with existing tenants before close, but since there is a pre-notification period and the property still belongs to seller, I don't know how to manage the timeline.

Thanks for the tip on getting a pre-approval letter from a lender!

That'll give you a pre-inspection before the actual inspection.

There are some lenders who have alternate methods that might not do a hard pull but either way, you need to get pre-approved now if you're serious about making a purchase.As you mentioned, if the good properties are going in 24-48hrs, you need to have all your ducks in a row including a pre-approval and a great agent at the ready to walk you through the proper way to compete.  

You need a pre-approval to write an offer. 

Current tenant stopped paying rent and vacating by apr 10. 

I’m from Southern Utah and most the people I know hold season passes to the ski resort and say the lack of snow is more of an issue than the damage from the fire.