@Chris Conde, it starts on the date that you put the property into service.

While I *technically* cannot purchase a house until after my graduation date, I have a lot of concerns over the logistics of moving down there without a place to move in to.

@Kole Kingslien  Guidelines for land contract:- Payoff of Installment Land Contract Requirements When the proceeds of a mortgage loan are used to pay off the outstanding balance on aninstallment land contract (also known as contract or bond for deed) that was executed within the12 months preceding the date of the loan application, Fannie Mae will consider the mortgageloan to be a purchase money mortgage loan.The LTV ratio for the mortgage loan must be determined by dividing the new loan amount by thelesser of the total acquisition cost (defined as the purchase price indicated in the land contract,plus any costs the purchaser incurs for rehabilitation, renovation, or energy conservationimprovements) or the appraised value of the property at the time the new mortgage loan isclosed.

I should also note that I gave the tenant a formal move-out checklist prior to her move-out date explaining that if the rental unit and outside area is not appropriately cleaned, that a cleaning fee may be charged to the security deposit. 

Statute of limitations doesn't come into play until a period of years AFTER the maturity date of the loan(s).

Look at the date of the last agreed upon extension.

can i buy and then at a later date do an LLC

I wouldn’t say fixer upper but it is very out dated.

In addition to what was said, let me add: Make a plan with data and dates, set realistic goals.

And there is no way to fix that in a short online reply, sorry.