I am not a tax adviser and barely graduated high school so I am not sure if I would listne to me. 

The plan was to buy a warehouse, lay down turf and hard courts and lease the space to local schools and leagues and host tournaments.

I know the university, the med school, and the hospital are there, so surely an MTR would work well.

I am in northern Minnesota, I'm still roughly a year and a half away from graduating so I am just gathering info at this point.

Due to time constraints (I was a graduate student), I've been holding all my investments passively in ETFs.

Going through my real estate journey I have learned a lot, I am 24, a veteran and a graduate from Temple University,I started with aspirations of investing on a property and making a quick flip.My problem lied with fear of failing, my capital and my savings.I decided I wanted to learn the real estate market and know the ins and outs before I would make a bold choice on buying my first real estate home.

At the time, I had just graduated with a physics degree, landed a great job in the Bay Area, and was newly married.

Use median household income by zip code (and school rankings, to a much lesser extent). 

They also benefit from strong schools, which can be a huge draw for long-term tenants.While you may not achieve high cash flow immediately in these areas, the property values and rents tend to appreciate steadily over time, aligning well with your goals.

You mentioned student housing - What schools are they near?