If you can engineer the right scenario you don't have to make an either or choice.  

Do you think doing a flip for someone like me who has a full time job (albeit in software engineering -- rest and vest ;) is too aggressive?

, programmable thermostats (free with RISE engineering). 

The owner is an engineer and real estate agent.

There is opportunity if you are an excavation contractor, and there will soon be opportunity if you are a builder, architect, engineer, or trades person.  

Keep in mind, you do miss out on "student" life but you get 2 more years of "REI" life, so decide what you want more.If you want a high paying job out of college, consider studying engineering, such as computer science or electrical engineering - those majors give you a high likelihood of finding a high paying W2 job that will allow you to qualify for your first mortgage.

Also, obtain a civil engineering firm that specializes in local land development. 

We had an electrician, plumber, structural engineer, general inspector and a couple of concrete leveling companies look at the house and they missed tons of stuff.  

However, as we were discussing the project in more detail, he mentioned that the price did not include engineering and pouring of the slab, connecting to city sewer/water, or the framing.

I could be wrong but I doubt a turnkey company will fix this using a structural engineer.