I found a house that is in pre-foreclosure with good equity.  

Danger.A few years behind the likes of Demographia, the Economist and the IMF, the Canada Mortgage and Housing Corporation (CMHC) has decided to sound it's first Red Alert.http://www.theglobeandmail.com/real-estate/the-mar...http://www.cbc.ca/news/business/cmhc-red-warning-h...and the opinion piece which pre-announced the revelation:http://www.theglobeandmail.com/report-on-business/...When Polloz is compelled to raise interest rates to follow a rate increase south of the 49th, things will become interesting.

Find and negotiate an equity pack property and the MONEY will come, or just flip and you don't need the money.Money is not the key to real estate success - the key that will unlock the doors to many transactions is the deal, the knowledge to negotiate, the ability to think of 10 ways to write an offer, finding great properties and the ability to negotiate an attractive transaction.Why buy property when you can CONTROL a property and flip it while you are in contract.Selling something you don't own is the highest leverage in the world ----I have been doing Control and Roll for years now and it is the fastest way to make short term cash profits - try it, it works!

Sorry , I have a typo Pre- Foreclosure ;)

I currently have a pre-approval with a lender,  but  their origination fees are expensive.

According to the Federal Housing Finance Agency, as of July 2015 we had already reached the levels of November 2006 (pre housing crisis,) with the average nationwide house price of $240,000.

The meeting went fine and they pre-approved my plan. 

Either way, this deal would involve the potential investor wanting to buy & hold.My question is, can this be done while the property is in foreclosure or only pre-foreclosure?

My wife and I also own a small business that is our main focus, so for now I'm just looking to diversify and get the ball rolling with turn-key.  

You have to learn when to let things roll and when to be aggressive.