You honestly probably will need the $150k for a down payment + closing costs & prepaids on an investment property in ATX, as you will probably want to put 25% down with how interest rates are. 

These expenses include: Contributions up to 6% of the sales priceDecorating allowancesRepair allowancesMoving costsNote—a dollar for dollar sales price reduction is also required for - Excess rent credit and gift funds not meeting FHA requirements Contributions exceeding the actual cost of prepaid expenses, discount points and other financing concessions Credit Requirements Required is 600.

I would like to ensure their ability to pay the rent once the pre-paid rent period is complete, how should I go about verifying their new employment and income for their new jobs? 

(Not legal advice or tax advice, only my opinion)Open a pre-paid credit card in the business name and you will soon be swamped with card offers and the business will be established.

If the pre-paid rent is considered a "deposit" until each months rent is paid, then there are most likely restrictions on the amount and where it can be held. 

Send it certified mail with a prepaid return envelope and document you tried.  

It specifies among other things:- monthly rent amount- amount security deposit posted, pet deposit posted- who owns the appliances- who pays which utilitiesIf you don't have this information in writing, then the tenants could claim that there's a $500k security deposit and rent has been prepaid for 50 years and all appliances are owned by the tenant.The escrow company reviews these estoppels and totals the security deposits and credits it to your purchase price.

In AZ, where I am, a Landlord cannot require or hold more than 1.5 times the rental rate in security deposits and/or prepaid rents. 

Purchase price: 90,000Borrower closing costs (including prepaid and intial escrow payments): 5,728.85Discount Points: 675Loan amount: 67,500Other credits (borrower paid fees, earnest money, employer assisted housing, lease purchase fund, lot equity, relocation funds, sweat equity trade equity, other): 1,000Total due from borrower: 96,403.85Less other credits; 1,000cash due: 27, 903.85Looks like closing costs are $5,403.85 on a $67,500 loan.

whats that did they offer over list and then ask for seller pre paid credits for their loan.. virtually every deal I have ever done under 300k the buyer ask for seller credits for Closing costs.how about property taxs?