Also, a seasoned co-op listing agent will know how to present buyers that have unusual income streams, are self employed, are maybe trying to time a sale and purchase, or are doing gifting, co-purchasing, or need guarantors, etc.

Market rent is uncertain because of the continuous lose of jobs during this downturn. 

There can be generally a week or two lag between a closing on a REO, and the bank actually executing and recording the deed...not that unusual.  

Nothing unusual about that.

Because that’s the only thing that caused Blackrock to seek returns in such an unusual market in the first place.

You will hit a place as uncomfortable and uncertain as you are now in RE (I guarantee it).

It has also taught me that one source of income, especially commission based, is scary, uncertain and not enough.

Don't pass up this "opportunity".Tough love part...college and fully supporting oneself is not an easy path but it's also not unusual. 

Lots of minimum-wage friends and family tend to have some unusually strong opinions

It's uncertain when it will happen, but overspending is human nature for the average person.