What everyone else said I agree with for the most part, in that you should keep your expenses low and look to househack.I do however believe that since you will be making good income out of grad school and want to buy right away, as long as your debt to income ratio is okay and you have proof that you were recently in school, there should be no reason why you wouldn’t get approved. 2 years employment requirement doesn’t apply to recent students and more so to protect banks from the independent contractor worker type that can have extreme swings in income that can be more risky for the bank to loan on.

Thanks again for your feedback, I also do not trust specially a salesman when telling me verbally with out any written proof, that’s why I still approach big pockets to get some professional advice. 

I don't know the company.. although one time I asked for proof of funds from someone using them and they sent over a screen shot of Sherman bridges rehab fund account.I went back to the buyer and said this is no POF  these are funds earmarked for their loans in place not to be used to fund new deals.

Have you verified proof of funds?

We have asked to have some proof that the dog is fully trained and vaccinated and that we meet him/ her before moving in. 

They want a proof of funds letter as well as an LOI before sharing.

To me this is not a big concern because it is my plan to repipe after closing, then I will be able to show proof of the repipe and get the exclusion lifted.However, not being able to get insurance with FULL coverage due to the piping, I believe it would be a red flag for the lender and may be reason for a denial. 

It's a very long story with many facets but for your scenario what you will potentially run into when it comes to qualifying is the issue of 'proof of income'.When you decide that you keep your current property as a rental (even if it is cash flow positive) and buy a new property, the underwriter will/might say: "Prove to me that you actually had the $1100/month for at least 1 year or show me where it is listed in your tax return".

They might not have to provide much if anything as proof. 

I know this much- You need a proof a funds letter (or cash) and from what I've seen each house has it's own % you must have on hand.I'd love to connect with and learn from people who use this method or have successfully bid..and won!