Millennials are the biggest demographic cohort ever, and they are just entering prime home-buying age. 

Aging roofs, faulty plumbing, or unexpected structural issues can eat into your profits if you're not preparedLocal Regulations Can Make or Break Your Plans:Zoning laws, building codes, and local regulations can vary significantly from one area to another.

But, if they have something that is worth resale value, you need either the same thing or something equivalent to achieve the same value (assuming the other aspects of the comp -- similar size, type, location, age, etc. -- are the same).Comps don't mean, "This is what your house is worth..."

But to be more specific, I saw gaps between boards in the flooring, bathtub drains with paint still in them from reglazing/aging, toilets left with feces, and numerous other very odd issues that are not rocket science for basic cosmetic flips that I shouldn't have to point out to an experienced CG or PM.

The road is not in, the water main not installed, the sewer main and laterals not installed, etc.Just having the engineering done, and the plan approved, adds significant value to the land, and makes it attractive to a developer who now, doesn't have to go through all that work. while in todays day and age yo would need all those approvals to create a paper lot.. back in the olden days paper lots were created by simply drawing them on a map with zero engineering they did survey though.. and there was no thought given to reality of actually building them or providing services.. 

I am excited to get started in my real estate journey .You see I am late to the Real estate game at my age.

You can't get to any profit until you are the correct age and you meet the IRS rules and regs. 

How can I do real estate at this young in age. 

I know you meant it as a joke, but these people are not ordinary immature "college students" age 17-22. 

And of course, age of building matters too.