If you're a first-time home buyer, there's nothing that will get you started faster than buying a triplex or 4plex with 5% down and fixing up the worst unit while you live in it, then rent it out and move into the next worst unit and fix it up, and so on.

In my experience contracts for purchase of auction property are heavily weighted in the seller's favor so having an attorney review it would be a good idea though the seller may not be open to many changes. 

Yes, you can certainly do things faster than 5 months with experience, but as this is your first one, I wouldnt rush it.

Don't go around regulations and ordinances or you'll get shut down faster France did against the Germans in WW2. 

The inner harbor is a little more $ but has the advantage of a faster commute to DC plus bring near the water. 

From what I can see you are absolutely correct and student housing is likely the way to go.I echo the recommendation that you put down modular units, they are faster but depending on your dad's experience he could also scratch his itch to build something and manage the ancillary roadwork, fencing, and so forth. 

It'll drive you bankrupt all the faster.

If for whatever reason you do want to keep him you need to raise him much closer to market much faster.  

@Sudheendra Gargeya It's fine, you can use it to find cash transactions within the general area in which you have your contract and then look up their contact info.I think it may be faster/easier to get into some of the local Baltimore investor groups on Facebook and post about it there.

They did it for less expensive and much faster than when I just called and set it up through the 800 number for Dish.