I cleared out our first house from the previous renters items. 

Seller was easy to deal with, tenants were month to month, and the college was within walking distance How did you find this deal and how did you negotiate it?

You can also use contingencies as previously mentioned.

Overall I would say it is a great area to live in, because of jobs, cost of living, laws in place (this one more for the landlords), attractions, colleges, etc.

College students may appreciate a quiet study area or a place to visit with guests while their roommate studies in the apartment.Maybe there's a need for a coffee shop or other small business that needs very little room but also provides a service your tenants would be interested in?

As far as the home, if you have lived in it for at least 2 out of the previous 5 years you will be able to sell it and take the first $250K of profit tax free.

If the liens against the previous owner are insignificant then I would prefer to purchase the property from the owner and not have to deal with competition.

Started moving forward with the Vendee lender who did respond to the email I sent through the website (see previous comment).  

Lynchburg has been ranked as "College Town" and has several hospitals.

Not a ton of flipping compared to previous years, other strategy I'm seeing is STR's or rent by the room/padsplits.