As an agent, I would only think its a waste if I have a client who wants to submit a lot of lowball offers and the response from the offers is bad for my reputation or hurts my client's chances of getting an accepted offer. 

If neither of you have experience with remodeling/fixing houses, then I would say its bad advice.

Also, would doing a house hack with a friend be a good or bad idea?

I see most hard lenders are for 12 months, which is not bad I guess, however I would like at least 2 to 5 years to give their money back in full.

I love diy and interior design and I would love to own a business, so it makes sense that this would be the career for me.

I hate to be the barer of bad news but financing you very first flip is one of the very worse things you could do simply because of murphy's law and if anything goes wrong with your flip you are still on the hook for paying back your loan and once you get a black make on your credit it will take years to erase that off your record if at all.

Not sure if the condition is so bad they wouldn't lend on it now? 

We did that, but I brought in a 40-year experienced veteran with over 40,000 units of experience and who has started national multifamily management platforms six times in his career. 

The "bad" thing is they are tied to market rates.

What I've learned is there's no reason you can't make progress on your Real Estate investing career while in college.