The homes are in beautiful settled neighborhoods with best schools.  

I'm connected to an REI education school.

I'm from Arlington next door, I would first look at multi family in good public school districts where families want to rent and bring up kids, look at www.greatschools.orgLook at multi FHA financing where you live in one, rent out othersGet an agent, working for buyers, look for a CCIM designationRead everything from Www.justaskBen.comGood luck!

Based on the fact that you are a full time student with no money and no credit your best approach would be to concentrate on school, if that is your desire, graduate, save money and build your credit.

or is the home at market rate but there is something extraordinary about it like a big company has recently moved there, good schools, and some nearby favorable attractions (starbucks, etc.).  

Are there any other, smaller schools in that area as well or just U of Redlands?  

Hi Dan, Look into AlliedAllied Real Estate School in California.  

For instance if I apply for an FHA loan now, but then in 6 months get accepted to business school and decide to move, would that qualify as a life event?

I did as much due diligence as I could -- double check their numbers, check schools, look at the property in Google Earth, etc.When it came time for an inspection, I got referrals from BP members on who to use.

I think I will start out focusing in my area and Midland MI where I go to school.