In most cases you're only required to have 3-5% for a primary residence, I would say that's one of the most common ways people get started in REI. 

Are there any red flags or common mistakes investors should avoid when reaching out?

Very common.

Thought I would pass it along.The Myth of Cash Flow Not sure what Andrew is smoking, but I can give you a real world example in NJ (NYC suburb - I don't know too much about MO, but I can use NJ since we just purchased another three family.Price 700,000Taxes - $11k (rounded)Insurance - $1700.00 (rounded)Water - $100.00 (rounded)Common Electric - $50.00 (rounded)We can use his 7% with 20% down.Payments - $4,930.68Apt 1 - 2 bedroom - $2,000.00Apt 2 - 2 bedroom - $2,050.00Apt 3 - 1 bedroom - $1,800.00Total income -       $5,850.00Total expenses -     -$4,930.68==========================NET                         $1,019.32 x 12 = $12,231.84The cashflow "myth" is bullsh!

When I lived in CA it was pretty common.   

I know some common strategies include:WholesalingSeller FinancingHouse HackingJoint VenturesPrivate/Hard Money LendingFor those who’ve been in my shoes, what worked for you?

What is the most common formula to determine a fair price for a lease buyout?

as mentioned the most common way is you do a cash out refinance to buy an ex out of a property.

All the best to you during your last semester.Househacking is one of the most common routes for new investors in NY.For best returns, I'd recommend focusing on South and Southeast Queens, Central and Southeast Brooklyn, and the Bronx.There are parts of the suburbs (Westchester and Long Island) that have househack opportunities but the property taxes are higher and the commute time to NYC is longer.Abel

If you have insights on the best areas to look, common renovation challenges, or anything else I should be aware of, I’d really appreciate your advice!