They will crunch in the numbers and let you know the max amount you are eligible to borrow (with higher down payment your borrowing power increases). 

@Mike Calabrese your RE IQ will increase over time and you will be able to do your own preliminary inspections and estimate a rehab in less than 30 minutes.

Will this approved amount change (hopefully increase) after docs have been submitted and reviewed?

A bigger higher-budget situation might be very different.Not sure if this is geared towards a big enough scale you're thinking of, but might help with some considerations-https://www.biggerpockets.com/renewsblog/2014/05/3...Hope that helps!

I don’t necessarily expect every dollar spent on renovations to translate into a dollar increase in property value.

ahh, i know what APT you're talking about. that area is not too bad. but if they are already being rented for $550, you're going to have a tough time increasing them much more than that.

@Ned Carey: Much of the multi-family housing stock in Boston was built during the city's peak population boom, 1890-1930 (brownstones and wood three-deckers alike), as an upper-middle class response to tenements to increase density.

I am trying to find some good books to read soon to help me grow and increase my knowledge in real estate.

If I could what other investors are looking for and successfully help by generating leads, when I'm ready to begin investing I'll know exactly what I'm looking for to increase my odds of success.

I’m pretty hopeful that you might be able to take your response into consideration with regard to how you handle future responses. 1.