I am pre approved for a 3.5% FHA 203k 90k.I have a couple questions if anyone knows or the reason why I am making this diary is because I have not seen very many FHA 203k deals.

After I get a broker to sign my application, and I submit it for my license, how long does it take to get approved?

The longer answer is:There are 8 departments that work together to sign off and approve the subdivision plan.The subdivision will have to comply with the very cumbersome land development code that Austin has. 

Maybe 5 or 10 bucks  to 60 all in but it is not worth it versus a quick submittal and approval for 50.I wouldn't put too much value into a BPO these days.

The home that I'm thinking of purchasing includes a 1 bedroom basement apartment.The house I'm looking at is older but almost move in ready.My plan (and where I'm looking for guidance) is whether my strategy for borrowing makes sense or sends up any red flags.To repair the house I own so that it's ready to be rented I would to tap the equity through a refinance or a home equity line of credit/loan.To purchase the other house I would want to take out an FHA loan.In order to repair the home I have I need to get approved for the loan, locate a general contractor and try to get things wrapped up in under a month.In order to purchase the new home I need to be approved for the FHA loan, contact a real estate agent and go through the regular process of purchase.Minus the actual numbers (which I'm working on) do I have the general process right?  

Homeowners think they house is worth 50KComps Sell at 65KHomeowners are divorcing and want to sell for cash buyersYou can offer 40-50K and Homeowners will acceptYou have bad credit but You find an loan for 50K with 8 percent (HardMoney) you may get approved for Repairs of home small $500 to make ready (you can paint walls and move in tomorrow Rent for $900-950HOA is $220 a monthTaxes not determined yet you guess themWhat do you offer?

Got the verbal loan approval this morning for our VR purchase, closing in about a month!  

Anything above or below a certain score you can either approve or deny.

I approved his request a couple months ago.  

No one can refi or sell if there isn't a trust or court approved admin/exec.