He is an older guy and lives away from the property(he bought the place for his daughter when she was in college in '05 for $99.5k).

I agree with your statement 100%, college is so expensive. 

I know that it will take some time but I am hoping that I can create a successful business in the next 4 years that will allow me to leave my job and fund my daughter's college education as well

Of course someone else can overpay and get the house and probably will :)  I never said it was a competition... he said he does not want to partner with me that he wants to do it on his own and collect all the profits...and I use my investments to support an animal rescue and a scholarship at the local college for students who are the first in their family to attend college so I do not leave remains scattered in my wake....so I most certainly do support others both human and animal 

mcId=z73159&radius=25&...In addition, if condition permits, I highly recommend www.audible.com for tons of real estate reads.Hope that helps.

Long story short I dropped my college classes due to lack of funds and lack of motivation.

I'm looking at making my first investment sometime this year, permitting the market.  

Being close to the university or college would be important.

So you have the property and now you need to make the property pass inspections for the assisted living permit/license that you need in order to operate the business.

The issuance of building permits is a matter of public record.