Time to eat more greens!

However, if it is an STR, the depreciable life would be 39 years.

It will save you time and effort. 

Family becomes brutal when its time to split up land or decide what to do, plus with the heirs laws you or your siblings kids have rights to the property.

Now is the time to take action and I will.

All the best to you during your last semester.Househacking is one of the most common routes for new investors in NY.For best returns, I'd recommend focusing on South and Southeast Queens, Central and Southeast Brooklyn, and the Bronx.There are parts of the suburbs (Westchester and Long Island) that have househack opportunities but the property taxes are higher and the commute time to NYC is longer.Abel

As for financing, focusing on saving while learning is smart, but also take time to research creative strategies.

But in my experience, you would be better off spending that same amount of time/hustle working a second part-time job with guaranteed income, then investing in buy-and-hold properties. 

Sounds like a pretty easy way to get in over my head fast, but at the same time, it seems like an opportunity to pick up a property WAY under market value and there theoretically should still be plenty of meat on the bone.

It is worth paying more upfront if it takes less time on site to put together.