If I said "yes", the application required me to give them the names of those banks (I assume for marketing purposes).

Being a current college student in the middle of my career, I was mainly looking for any tips/tricks to get started while still in school.

I own the main parcels (80% of the land with the utilities--appraised at $450k); he owns the other 20% ($116k), which is a split off a multifamily property he has.

I work mainly with investors. 

I wrote the above for informational purposes.

Or does a property have to be either a primary residence or an investment property for tax purposes?

There are 18-26 year olds still moving in but mainly renting before leaving to start a family. 

@Jason CarterSome of that time vacant was purposeful in the fact that after the tenant left, the company needed time to renovate, around 30-45 days, so I was prepared for that time, but the extended renovations into Sep and initial delay put us outside the summer. 

For purposes of this example, what if you identified three properties but then decided you did not want to close on any of them?

Your family member could also provide the financing on it and make money every month with a positive cash flow spread between the debt and the rent collected or be like a guarantee person that is the main backer for the long term loan your Bank or other lender that  owns that property with a long term loan with that property  on a security  loan until that loan is paid off.Not saying the fix up budget makes this decision fairly difficult but i would say to not have a house that needs over $5,000 on the "make ready" expense to make a 20% gross return giving a cost price and sales price you gave on your example.What you could do to find a deal is pretty limitless.