If they are married/related yes, combining incomes to reach the goal is generally acceptable. 

What loan terms will the seller accept?

I typically am not accepting far future bookings.

What kind of return you can accept depends wholly on you.

Registered agent is in case you need to be served legal papers, they will accept them on your behalf unless you would want to be served at your home or work, and technically it must be a place where you are available between working hours. 

There was another property in Mississippi I was trying to buy that was listed on MLS but someone made an offer that was accepted before I could make one.

A college student getting an engineering degree should consider different approaches, even if he decides to deploy some/all of the inheritance in real estate, than a high school dropout working a minimum wage job. 

I was conflicted on DR's adamant position against leveraged debt, however, having a degree in finance and economics I believed I had well balanced approach.

No one will accept an offer like that (for future costs being too high) and if they do, there is an issue.

Accept whoever applies" is an idea that would cost you a bucket of money in the long run.Bankruptcy is usually a "no" unless it appears to be a one-time event caused by something out of their control such as a massive medical bill or a business failure.