I am pre-approved for 4mn USD for a single loan...but have questions.

All in all you just spent 18 months+ on a single note.This is how I started, using only our own money.

It sounds like your single family is very tight as you focused on getting into the place and having your expenses almost paid. 

I am looking to purchase a single family property worth approx 160k.

Hunting for single and multifamily in the area. 

The property is located in Plano Texas and a single family home.  3 years ago I installed matte luxury vinyl plank flooring in most of the downstairs. 

With that said, plenty of deals are still to be had, and I see great ones every single day.

boy the only ones I know doing this anymore are apartment builders dirt is too expensive. even a small lets say 1200 sq ft single level 3 and 2 which I would assume that would be minimum size with the price of dirt and utl hook up fees etc.. is going to run you in the high 200s just to build at cost.. at least in markets were rents will be over 1500 dollars. 

Buy Single family homes to rent or flip.

I've got a moderate but mostly cosmetic rehab on a single family home coming up.