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. 

I am graduating with my Economics degree this term and so am looking forward and thinking about ways to earn income and employment.

I also have rolled all my past employers 401K plans into an IRA with my financial advisor and he invests those funds in Stocks, Commodities and the sorts. 

@Larry T.Flip income is not as tax friendly as buy and hold income.Flip income can be subject to federal income tax, state income tax and self-employment taxes.You should have benefited this year with the 20% qualified business income deduction.

A self employed person in their 50s can often contribute in excess of $250,000 per year in a qualified benefit plan (you need an actuary).States such as Texas and Florida have unlimited homestead exemptions, (under Federal law to use this exemption you must have resided in the state and owned a personal residence there for 39 months).  

Obviously I would have her parents fill out an application, run a credit and background check, employment verification, etc.My question is what happens if I do end up accepting someone with a co-signer and the rent is late. 

If you are self-employed and have been for the past 2 years you can have a loan based on your past two tax returns. 

My plan is to buy and hold.PUB02121 of the MO Department of Natural Resources states that “demolition or renovation to an institutional, commercial, public, industrial or residential structure (excluding exempt residential structures as described in the preceding section) will involve greater than 160 square feet, 260 linear feet, or 35 cubic feet of regulated asbestos containing materials, then the removal of the asbestos is regulated by the department” but the City Planning and Development Guidelines for KC state “any person undertaking the demolition or renovation of any structure shall employ Missouri registered contractors and certified workers”.It seems to me that the city regulation requires you to contract a certified asbestos abatement professional while the DNR will only require this action when meeting a certain threshold of asbestos material but I am not sure.I should add that I am not an experienced real estate investor nor do I work in the real estate industry but I want to go into this with my eyes open and I am sure I will have many more questions in the future.

Are you currently employed while attending college?

The plan is to turn around and sell these land very soon for a profit.Thank you Based on your limited info, probably in the LLC taxes as S-corp to save on the self employment taxes.  15 times average of 10k profit = 150k net profit can have significant self employment taxes.