(If they are not already.)Another thing I have found is the self-employed/business owners are much more likely to succeed with the advice you give them.

I have been self-employed for 30 years / 20 in real estate.

I am new investing in real estate and from the education I have been gathering here in BP, books, and videos, one recommendation is to check population growth, economy, employment rate, etc… in order to invest in the right market.

My wife and I already have a house with about 200K equity in it.I am self employed and can't qualify for mortgage on second house based on income (the conventional way). 

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

The wife is currently employed making more than 3x the monthly rent but she has not yet secured a job here in our state.

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.