I would recommend you head over to any of the local forums you are considering to help get a better gauge on what investors in those markets are actually seeing.Beyond that, there are some factors to consider. 

If there are any extensions I want non-refundable earnest money.I want the buyer to feel the pressure to perform and keep THAT PARTICULAR PROJECT top of their mind.

Also continue with pressure to get them out. 

The first 6 months to a year can be tough financially, so having a large amount of living expenses saved up can reduce the pressure of needing to sell a home to pay your bills.

Though I don’t know how to specifically gauge when or if a base would close or lose demand.

Right now rents are being collected among all asset classes besides retail, so there is no pressure for operators to sell. 

This pressure forces you to find long term solutions that leave you as an owner instead of a manager. 

I don't have any friends who work in real estate, and its been tough for me to gauge how average my experience has been.

Also, I'm wondering if the ratio between the number of absentee owners and the recent flips could be used to gauge the investment activity in the area ?...

You are young, do not feel pressured into starting to invest until after you graduate.