The next step after your list is made is to call each one and ask what their minimum mortgage amount is on a non owner occupied loan.

Is this a standard practice?

I think it is important and it will also help you grow as an investor and learn the ins and outs of both product types.I would take the first step as soon as you think you are ready. 

If so, you are practicing real estate without a license and subject to all penalties and/or fines that goes along with that in your state. 

We have a property management company in town and could help you through some different recourse steps:- Make sure to look through the management contract you signed to see what recourse actions have been put in there for this specific situation- Make sure to look at any invoices that were input into your owner statements/portal and see if these checks were made out to actual contractors or were made for legitimate expenses.

In addition to the practical aspects of following a properties profitability, if a property sells, all expenses are tied to the saleable unit and the basis is quickly and accurately available.

@Josh Fernandez When you buy a foreclosed home you still have to go through the traditional closing steps as if you were buying a traditional sale.

Its  courageous step and seems like you secure yourself financially before  jump in as full time Investors.  

They are in the business of making money by scaling up their lending practice.

Hi I'm new to RE investing and from all the books and vlogs I've seen I've never came across the order of steps I should take to purchase a fix and flip.