In a business where recommendations and reputation are the source of the next deal it's important to me to be fair out of the gate.

Is there another, newer drilled will on the property or is that one pictured the only water source?

. - Great points here.I love your idea of adding additional units and we are now looking at this more seriously.We just completed a cash-out refinance of the property at a $1.025m value and that was based solely on market comps. 

I have no problem working and stepping out of my way but (and please correct me if I’m too naive) I feel like having a job on top of school and covering multiple sources of income would limit my time on working towards those goals and studying the material.

Sourcing and seasoning deposits into a business account is not needed for Fannie/Freddie loans (assuming that's the loan type you will use). 

Am I missing any other good sources for this info?

You are far better off getting educated (plenty of free and almost free sources) and then purchasing a house either along or with a partner who has more experience and learning that way.  

For qualification they include usually minimum payments on credit cards etc not the principal.If you're really low income, maybe it's better to find a lender who does "stated income" but there need to be proof: bank statement etc.I'd try another loan officer, maybe mortgage broker who would search for different options.Take a look at the topics here: there were explanations how Rental income would count and @Chris Mason even referred the source where to get the info first hand

We have only used private money to finance 100% of our previous deals.We do have the ability to fund the rehab, but philosophically it is not our preference to tie up that much cash, for what in this case will be a longer rehab.We also have the ability to raise the $100K from either another source 100% or a few different sources participating with $50K a piece.My question is this -- since we have previously raised all of the funds used on a project from a single source, we have been able to secure their investment with a first lien/ deed of trust. 

You can get money to flip houses from other sources.