Right now I am in the research phase but my intention is to take my portion (well my Dad's) which may fall between 4-8 acres of land, and figure out what would be best.

Nearby retail development, especially big employers like hospitals and manufacturers and does the area retail commercial development fit your intention like for low income, middle class, or high class and does it fit your plans. 

1st offer in on a 2/1 brick in great location with intent to flip.

Intentionally making yourself broke in order to avoid liability is a great way to get the protection dropped by a court. 

I am upset that so may working people in my area are living in tents. 

Would you buy a property near a flourishing university with the intention of converting it into a student rental, if the general trend of property valuation is stagnant or slightly decreasing?

Im hoping to network with like minded people and make these intentions reality. 

You can draft an LOI "letter of intent" that discloses the major factors in the deal1) purchase price2) closing date3) initial deposit4) seller financing terms5) contingencies (inspection, survey)6) items in house (fridge, stove, BBQ etc)You should include a time frame of when an original offer will be drafted whether it is in 5 days from offer acceptance or when attorneys get involved.If you can find an attorney that can help you with no upfront costs then go that route but I wouldn't spend money on anything and find out they don't like the offer and you did all that for not. 

@Chad Dickenson, Two things - Like @Christopher Giannino said you will not be able to sell this as a 1031 because your intent is not to hold for productive use. 

If you move in to finish the work with the intent to sell it as soon as it's finished, not sure they'll call the loan on you.