What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

While I have solid income and good credit, I'm uncertain if I'm too new to take advantage of this opportunity.I'd greatly appreciate advice from experienced investors on how to approach this.

If you do not already own your primary residence, then it will be easier for you to get a loan with low to no money down with a better rate for that then it would be for another property.

Screening college kids is tricky, they don't have any credit history, and I'm not going to call their RA (if they're straight out of the dorms or their parents house).

Every owner wants low HOA Dues and then something expensive comes along and they all cry that it's not fair they need to pay an assessment.

I had to lure a few friends with low rent to move in with me while I learned how to rehab.  

I have fair credit scores ranging 630 to 640.

Does the owner of the business always have to personally guarantee the loan with their credit profile?

HOWEVER, you've got to be very vigilant on running the LLC as a true company - separate banking accounts, credit cards, books, corporate records.

I'm aware this will hurt my credit for a long time and I am willing to live with that.