His advice was 1) probably don't invest for another 2 or 3 years because it is a sellers' market right now 2) do not get a real estate license yet because yearly fees are expensive, but that I should get one in 2 or 3 years when I start investing 3) learn my markets (Austin and back home in McAllen Tx) by making a spreadsheet of property listings and info about them and 4) focus on school to get a high paying job in a few years to help pay for my investments in real estate. 

The top submarkets typically have the lowest crime and highest school ratings.

Or do you somehow factor in condition of nearby properties, distance to schools and shopping, nearby parks, area crime, rating of nearby schools? 

Harv EkerThe Magic of Thinking Big - David SchwartzThe One Thing - Gary KellerWhat to Say When You Talk To Yourself - Shad Helmstetter7 Strategies for Wealth and Happiness - Jim Rohn

Lots to consider,, I guess the location to your school is primary and if it's to far away it's going to have a large impact on what you maybe able to oversee.Money wise I'd probably suggest a LLC for the 2 of you.. 

My question is, should I buy my first property now and just take out a loan for my last year at school?

It get's pretty boring, no matter what the school promises.

I found out through tax records that the owner of the home is actually the father of someone that I went to high school with, so they're not total strangers.

Most of the zip codes south of the river and close to downtown have higher crime rates and lower rated schools.

It's time consuming, and I felt like a kid in elementary school with a cramped hand.