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.  

Additionally, for rate-term refinances, many DSCR lenders have no seasoning requirements at all.Easier qualification: DSCR lenders have much lighter qualification requirements than conventional or portfolio lenders, such as no DTI, income verification, or tax return hurdles that can slow down or disqualify loansFlexibility: While conventional and bank lenders are heavily regulated and follow standardized rules, DSCR lenders have much more flexibility and control over their guidelines.

If you're interested in the Coachella Valley you can also consider 55+ communities if you are of age.

Meaning I won t be using my 401K like many at the age of 65+...

It is more of a verification for the rent being paid.