From my research and advice I have gotten from professors and contacts, I have a couple paths to choose from: 1 -continuing my architecture education and work experience with developers until I get my architecture license (3-4 years) , and then enter the development game partnering with an investor to either do a residential flip, or a simple single-family house development.2 -Keep doing architecture freelancing jobs, plus broadening my real estate contacts through real estate clubs, events, meetups, etc.

Our situation is a bit unique in that my husband is a professor so we get a great housing program from the university he works at. 

You can pay cash for a house; see if one of your left wing professors will lend you the money under terms more beneficial to yourself, of you can move to one of the few remaining countries more closely aligned with your economic philosophy, Cuba or North Korea.

I'll answer those quickly:- The landlord is an old college professor, and she's been discussing wanting to sell the property for over a year now.

If you do want to attract students, I would go for the graduate students and young professors that have gotten past their partying days. 

Visiting professors and possibly parents of students in town may have a need for such accommodations.

The economy has proven professors wrong time and time again.

You could also look into medium term rentals to traveling nurses, doctors, professors, business people etc.

I am a pharmacist originally from Iowa and she is an accounting professor originally from Korea and will be starting a new job at Florida International University this fall.  

I see otherwise extremely intelligent and accomplished people (doctors, executives, attorneys, professors, engineers) lose their ever loving mind during the buying/selling process.