You'll also want to verify that it is 100% FDIC insured or you'll still be at risk with even the most aggressive bonding. 

Use rental income to grow savings and continue to invest in real estate without getting personal property involved. 

There are quite a few ways to get involved.

If I am unable to land a well paying job right out of school are there ways to get approved for a loan that do not involve a current income? 

The title co. is well aware of the standard and shouldn't risk showing any favoritism.

Besides the loan originating, have you been involved with real estate in any other way?

I know a lot of variables are involved but just trying to get a feel for how big a deal this is.

Do as much research as possible on the property and find out the title situation from the seller...if multiple signatures are needed, make sure they know that you need to move quickly since others will be involved.

I have been involved in releasing government liens on many occasions to complete sales but this scenario is outside of my wheel house.

By the look of the addition from the outside it doesn't seem like an architect was involved at all.