Normal the price you would be approved for for a single family is not the same as the amount you would be approved for for a 4 plex, although they will probably hesitate giving you a number for a 4 plex without knowing more details about the property you are looking at.  

We have paid a substantial amount already and the contractor is trying to double the budget.

Tenant C and Tenant D will be vacating Apartment X on Oct. 7, 2018 are required to pay the pro-rated amount of $XXX on Oct. 1, 2018. 

I received my preapproval for 150k so I am probably going to not use an FHA and purchase out of state once I have a little more saved up.As for my credit, I always pay off the full amount on my credit card every month, and I actually have 2 credit cards which I never use.

He has more construction experience and a good amount of capital and I was willing to live in the property (that's what I brought to the table).

If the property won't cash flow, there may not be much point unless you are expecting some amount of appreciation over time.

This is also where I ask them to agree to a certain amount of time to allow a return should product fail.   

How much money is a good amount to save to purchase my first property?

Blanket Loan do exist, LTV's go up to 75% with minimum property values around 50K and minimum loan amount of 100K

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.