How feasible is it to apply for a FHA loan when we haven't officially started work, and haven't graduated yet? 

Add info such as why you think this is a good deal (amazing numbers, great location, schools, amenities, etc) and what concerns you as well, getting rent, tenant base, etc). 

This will cause problems when you graduate from wholesaling to rental.

Part of the restriction was concern over the school district, as she has 2 kids, but also the lack of new housing available due to the high cost to builders for city fees, water, etc.

There are some other factors if you want to get technical like neighborhood, schools, types of tenants, the local job market.

I see 3 schools of thought here:1.

one school of thought is that folks are home and actually might read your mail.but then you know there is a buying selling temp and you need to strike while the iron is hot.not sure how you handle your leads but those i know in the industry they get a lead and they are at their house within hours. so this might be tough for the next 30 to 45 days..

I graduated from UAB back in 1986.

You don’t have kids so it won’t affect you directly until you do and they are school aged.

This is the time of year when the last students are figuring out their housing situation for the 2020 school cycle.