Essentially no income details are required and the loan is based off of the collateral of the property and income, calculated using the active rents, appraisal rent schedule or even STR income or projected income.

(I think this is my biggest hurdle, in my mind anyway) I am both excited and a bit scared, but never let that stop me. 

The long version is that since the early 2000s there was a boom in Panama City which followed a frenzy of buying land for no reason other than to buy land, buyers from across the globe where buying tons of land for no business purpose but a land investment.And it was a succesful business model for the "land flipper" until prices soared, then a mix of events bursted the bubble.

Since mortgage insurance isn't included, they can usually qualify for $30,000 to $60,000 more than they would if we are just going with a no money down or a 3 to 3.5% loan.  

I have no idea how this works in CA, but I don't see any way that the state can guarantee there are no encumbrances.  

I've recently finished a Master's degree and have no job which means that I have time to dedicate to REI.

No way to know if this appreciation will continue, but it is very difficult to catch up if you are not in the market.  

No seasoning.

No equity in the property, young mortgage at 8.5% owing 155k.

No doubt what was happening post GFC was one of the absolute best buying opportunities in the last 100 plus years ..