Finally figured this out, for those who are also new to JEditable/Autocomplete, here's the working code:
$(document).on(
"focus",
".edit_school",
function(event) {
alert(event.target);
$(event.target).autocomplete(
{source: ["a","ab","aa","ac"]}
);
}
);
<div class="edit_school" id="edit_school_pending">ADD</div>
Last post was not working due to call of "$(this).autocomplete()", here, $(this) refers to the div, not the input created by the JEditable. I was trying to set an id for the input created, but was not able to do that. But then figured out I have the access to the input element itself (event.target), and then call inputElement.autocomplete fixed the problem.