If anything was bought in the great recession, then yes that was excellent preparation but absolutely excellent luck too. 

5) Or should I save, wait, prepare for the next opportunity when that $41,000 is saved up? 

Couple options that might be viable for you (I don't know all of your circumstances)- BRRRR into a DSCR by creating equity; partner closely with a lender before starting on this to cover seasoning and other requirements - also this will only work for an investment property, not a primary- bank statement loan/1099 loan may work if you can put at least 10% down and want a primary residence - will depend on how you're operating and a few other variables- seller financing; find a seller willing to carry a note for a few years- co-borrower; someone with decent income and credit who will be on the loan with you- DSCR purchase; be prepared to put down at least 75% or your rate/pricing will be horrible (70% is better); many lenders will have experience requirements; investment property only- find a private lender willing to fund the loan you need- get a salaried job relevant to your college coursework; your fico is strong and you have some cash, so househacking could be within reach via Fannie/Freddie multifamily purchase; get a solid workup from a competent lender before going this route as employment history will be touchy with this routeHard money can be used for an acquisition and rehab, but make sure your takeout financing plan is bulletproof before getting hard money.I'm originally from Baton Rouge.

Be prepared to teach them something or help them improve their knowledge base and skillset as they grow.Set expectations and goals:Let them create their own goals.

@Jonathan LaneYou can offer cash and the finance, however, you won’t have a financing contingency so be prepared to actually close cash if needed.

I can better prepare now!

This will help increase your knowledge base about the subject quickly and you'll be more prepared to take on any challenges that might come up.

Something without a HOA is best.4) find a local group and go to some of their meetings (if you are buying locally)5) contact a realtor who works with investors and look at a few places after you've run the numbers and be prepared to put in offers and follow through

Start slow, learn as you go, and be prepared for when things turn around and the market is more favorable for investors.

Go ahead and have your allergist prepare a letter that describes all the suffering you would incur living with a dog.