I work full time as a Operations Manager and a semester away from college graduation, so I'm pretty busy and from what I read investing in real estate becomes a full-time job.Any advise would help, should I search for "multi-families" or "flips"?  

With school ending it adds to the rush.

Over terms to the buyer (or a lease/option).Perhaps a local school needs temporary office space.

I graduated college last May, started a job in January, and am hoping to buy my first multifamily in the next year. 

Their child is a student at Northmont High School which is located in Clayton, but they are having to pay $6,000.00 a year for the child's school fees because they don't live in the school district.The family is looking to move immediately, and prefers to work with actual owners of properties, rather than property management companies.

Look at the schools ratings around the neighborhood you have in mind.....USUALLY speaking the higher the rating the BETTER!

Mary moves to Boston for post-graduate work at Harvard.

In 2010/2011, similar homes sold in the low 100's, if not below 100K.The area is low income, at best a C class neighborhood, and it's located in front of a school. 

My wife will finish school soon and her income should improve significantly.  

I know a lot goes into selection of neighborhood, floor plans, schools, etc. but on a more macro scale what measure can be used.