With the income issue, there are screening systems available that verify income by having applicants securely log in to their payroll provider, which then shares their gross and net income with you.

@William Causey depends on the transaction and the parties involved.Agree with @Dennis McNeely on some of the transaction costs.A different issue though is with an Assignment, the buyer gets to see what you paid for the property.

My portfolio is nowhere near what is needed to replace my current income so I would have to quit and become a full time realtor to make up the difference, but that sounds better than being stuck in my cubicle.Was there any issue with being at 21 properties and thinking you were close enough, why not quit then?  

Keeping your license and avoiding any legal issues is probably worth more than this one transaction.

An official I've been communicating with at the NWS in Midland, TX has said that these lands are awful.

Did you ask him to correct the issue? 

Which is to say any attempts beyond the method of communication in the profile are likely to end up convincing the landlord you and your friend would be a pain in the butt as tenants. 

There's a good chance the issue(s) you face has already been discussed and answered.Ask questions in the appropriate forum.

Eamon,Any time you face a major issue with a bank/lender and they fail to refund your money or it costs you money and a lost deal due to ignorance or bad lending. 

The only issue we have run into is the prices and bidding wars.Every single home we have looked at for personal use or an investment seems to have 5+ offers and go MUCH over asking.We are currently looking at Bay Park / Clairemont / Carlsbad / Oceanside.