Or could I get pre-approved based on projected rental income and then get a signed lease before the actual loan application? 

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That is a personal choice based on your appetite for risk. 

Based on the latter approach, you can essence acquire an infinite number of properties. 

Definitely not a million.One thing I didn't realize is that they would base the LTV on the purchase price, not the ARV.  

Means you better learn everything bout Right of ways, utilities, building codes and tones more.. but hey.. if you don't learn those.. you will lose everything .. as REAL ESTATE is based on the land, the government laws locally, and every technical detail , laws, and technical jargon and fact including business law and contract law !!!

- TOTAL OPERATING EXPENSES: $522K, NOI: $445K, Debt Service: $240K, CASH FLOW: $200/door/month.So...this is based on potential rents which means I will have a year or two of transition and potential CAPEX expenses.  

It's more expensive than the base model home depot brand, but i've used it in a bunch of units and it has held up pretty great. 

Based on the materials, it looks like good opportunity but I would love to hear how others evaluate syndication deals.Thank you!

She is going to be a headache tenant based on her behavior so far.