I would make sure u are qualified for the level of financing u think u may need beforehand  and put in a pre approval letter with the offer. 

@Jaleen AndersonThe lender can give you a pre-approval for a credit.

(And please, gut it if need....I would rather learn now than later)  Wanted: Partner (that has done previous deals and possibly to mentor on this deal)I want to buy a 3B/2Ba Townhouse in a popular ski/golf resort POA in nearly turnkey shape.  

Because...Not being an accredited investor, you need to have a pre-existing relationship with the sponsor in order to invest.Until you learn at least the basics of syndication and whatever particular asset you're interested in, you don't know how to tell a good deal from a bad one.The cost of the program is relatively low vs the amount of money you'd need to invest.

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!