This is mostly true with older buildings where typical operating expenses are higher than newer properties and by using a limited 25% deduction for operating expenses (75% method) you will often show better net rental calculations than if you used actual.

I don't want to limit myself by getting pre-approved at a bank in my area and not being able to use that pre-approval in another area, or vice versa.

There really are no limits to what Excel can do for you. 

I went through this dance with my cross-border accountant and he insisted that a flow-through limited partnership was the way to go so that is what I am currently using.

The loan is limited to 50% of your account balance or $50,000, whichever is less.

If everything works out in my favor and they do go down, I might even end up making money off the deal if I rent the "efficiency".I know this is an extensive post for a possible basic question but as time is limited I wanted to make sure you experts have all the details of the situation and how I am thinking.If besides of my previous two questions you have any advice/warnings/questions/etc please feel free to let me know.

is there a way to get around the 10 loan limit for conventional loans?  

not so mush any more in the midland area because the rights are retained by the original owner, i know in the land that i have here about 2 acres i'm in the middle of an oil patch but most everyone is who's not in city limits. and the original owner kept the rights but i made sure that it was in my contract that no lines or wells could be added on my property.

In a sense, you are not a limited partner then.I look for win-win situations and incentive based compensation to the syndicator.  

Starting small and very limited work.