I know this doesn't happen often, but it definitely built my confidence that I have the ability to pick a winner, now the construction begins!

Asked me for time to evaluate their ability to service me. 

If you do, it'll save you a lot, but that's your road to walk down.Another positive of opening an LLC is that you have the ability to get credit in the LLC's name that won't usually show up on your personal credit report/DTI ratios (unless you default).

I started this MBA program before I gained interest in REI but since I seriously want to become an investor I believe that it may be wise to put my efforts elsewhere and have more faith in my ability to generate the income I want without spending more money for that degree.

A large chunk of those requirements is ensuring the purchaser has the ability to repay.

I have about $8,500 in the bank, but I possibly have the ability to borrow money from a family member and split the profits.

They will be invaluable when you buy when you have questions about rent ability, and potential rents. 

My biggest real concern is with the tenants ability to pay, especially because I want to raise the rent, and hers was just lowered for inability to pay.  

True/falseSeller who sells house via subject to will have a hard(er) time getting into a new property. This is because the underwriter sees they're already liable for the original (but subject to'd) loan?

Lurkers: Basically, this is applicable for anything coming up beyond your control, or ability to anticipate, that would cause you to break your promise to owner occupy for 12 months.