But it would give you time to save up for the 20% on a refinance in 2 years or give you the ability to use any equity gained to refinance in 2 years.

Tenants save money when using a shared meter, so there's plenty of room for error when calculating how to distribute the charges.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

That success ultimately comes down to the actions of the student.

As far as whether to approach them with or without an agent - approaching them directly without an agent can save the seller probably 2.5-3% of fees, which give you some room to negotiate on the price, but you need to be confident that you are capable of evaluating the property value, estimating on the amount of work that is needed, knowing how to negotiate/ structure the deal, and navigating the closing process.

Not necessarily a scam, maybe someone trying to save fees. 

Best to hire it out, even though it hurts the margins, it saves my time and stress substantially.

I have equity in my CO rental; I don’t have a large enough sum saved up for a down payment yet so I’m wondering if a HELOC would be an option on my CO property. 

Economic pressures forcing landlords to adjust rental prices to attract tenants.For renters, this means more flexibility and savings, especially in historically competitive areas.

For example, a property in San Diego may lose $500 per month ($6,000 per year) but gain $60,000 per year in value, making it worthwhile to "lose" money each month in exchange for long-term gains.I recommend you start with BiggerPockets Ultimate Beginners Guide (free).