Do I need a pre approval letter before we sit down and make offers on properties?

If its lower by more than 20% then your income may not be used at all depending on the underwriter's call.Only tax returns will be used unless if you're looking for a stated or a program that takes into account future income or forward looking income (AKA stated income).I would review your 2015 P&L to see where you are and plan accordingly so you can make your 2016 purchases smoothly after you file in Feb-Apr 2016.Hope that helps. 

They are able to BUY the home at anytime at a pre-agreed upon price.HPA  has specific parameters for every state that you must follow, and as long as you look for homes that "meet" those parameters (you can't do homes under/near power-lines, no stucco, no aluminum wiring, no excessive remodeling/repairs, etc.)  

Calif is a community property state, and as of your wedding date, all property owned by either become common, "community property" unless there's a pre-neptual signed beforehand.Read up on Joint Property, Tenants in Common and Community Property. 

Maybe $40 or $50 bucks for a 'pre-inspection' plus a 'pre-quote' from a contractor. 

Looking to purchase an investment property, AirBnB, with some personal use off-season maybe 2 weeks in late Sept.Open to anything in NY, but we do like Ithaca and the finger lakes region, near skiing or wine trails, want to make sure there are sufficient activities to attract people/families to the area.I see differing opinions post, such as 2-3 bedrooms versus 4 for sharing/multiple families but our budget is up to $250k.All comments welcome!

Like new kitchen If anything we would buy a primary residence in another state or stay here and buy a place  on a lake or ski condo.

If the interview goes well do you send a pre-qualification form that has to be filled out before showing a unit after the phone screen?

Yes, Portland is certainly a tougher market to hit APR.  

Then they get 10% APR on their money while it is invested.