Another is based on business partner approval within so many days.

someone who is willing to run you around with no POF or approvals is a rookie and will soon learn that its a waste of time and never do it again.. in a Buyers market maybe but not today not in a strong sellers market .. its also market dependant as well.. some areas are still fairly dead .. so that might work.. but when your one of 20 offers like whats happening in Vegas.. how is that going to work. 

The first thing I would do is get pre-approved with both a HM lender and a long term lender.

I had no idea until now this loan had PMI on it - is it even legal for them to do this when you put 20% down??

@John Dickerson  A very broad question but in terms of what you legally must provide as a landlord it comes down to how the laws of your state define "habitability" of a rental property. 

Was former homeowners who got it back.That’s gotta be up there  Not sure about the drug money, but the money that was the former homeowners would legally be your connections.

@Kyle Houlahan Its always better  legal process in place. 

The loan will go through underwriting and if approved, go to closing.

When transferring over the title and down the road selling the property do you know of any legal or banking push back that might hinder the process.

I always found it ironic that by paying more taxes than needed, thus having less money than you could, you can get a loan easier.There is a reason the government made rules on who could be approved for a loan.