Say you have done the first crucial steps towards buying a rental property. I am currently on the buying step, where I have found the property, I have a hard money lender that will be paying for the house cash. I have gotten pre-qualified to get a conventional loan with 5% down. This happened last Wednesday, we are close to reaching a week since that happen, when would it be a good time to ask my loan company or realtor for an status update? 

If you have already made the offer ask for an update now.  If you are still trying to make your offer you need to call your realtor and tell them that is what you want to do.  If you were clear that you wanted to make an offer a week ago and had all this in place get a new realtor.  My suspicion is you may have said something along the lines of "I like this property" instead of "I want to make an offer"

Thank you @Aaron K. I will be taking your advice.