Take some time to establish relationships with agents, contractors and property managers in your market.

Then after I get some more general business experience and establish a track record of successful real estate investments I plan to jump into the self employment world and start scaling up. 

Talk to an accountant but my understanding is that as long as you have established residency for a certain period of time it is all of it.

Blue Island was established in the 1830s.

More importantly knowing that you are going to get all that info on the doc it allows you to stay present in the conversation and establish that relationship.  

@Kelly DeWinter  I know first-hand that the City of Annapolis requires unit to pass rental inspection to rent any unit in Annapolis, not just Section 8, and that we were not allowed to deny Section 8 applicant if they met our other established credit/background criteria unless we met certain exemptions, like an owner renting the house out short-term while they are away for several months (Section 8 requires 12-month lease). 

In my area, once utilities are provided to a lot, there is no hookup/installation cost to re-establish service after demo.

It would also be an opportunity for me to learn how this all works as well and establish a good relationship with the real estate investing community in my area.

Once you have a relationship established, you talk numbers.

Well, you can liquidate and invest in Real Estate syndications, start up businesses or established businesses, hard money (still semi-active), NNN lease properties or put your money into stocks, bonds, mutual funds and gold.