any legal issues I should know about?

Buying as a primary allows you to put as little as 3.5% to 5% down.If you do have any issues with the business down the road you can always use a DSCR program which allows investors to buy an property without having to show income or employment.

These older properties as not just cosmetics and may need major surgery.

@Deonte Hill-  thanks ...trust your instinct ....yes - massive red flag . unless you have unlimited cash to  address  unlimited issues - be wary 

Im interested in the financial sector and im trying to see how i should go about starting my financial endeavor, im still in college but on track to graduate with a financial major.

Some investors / flippers of very inexpensive vacant land do self-close, where the cost to close with a title company (most often requiring that you purchase title insurance, which comes with a minimum cost just for issuing a policy) approaches or exceeds the monetary value of the land. 

A vast majority of them have 100% equity which is a beautiful gate to seller finance which I feel will be the most profitable.

Shortly after I was advised by the utility company that there was an issue with my water that is indicating there is a massive leak.

Just debating to do it or not because I don't have any issues and don't want to pay $5 a month and have to constantly go check my mail at the post office. 

I don't have much issue with this sort of thing.