Create an LLC or some kind of legal entity where I can pool together funds from friends and family to make investment purchases.  

A general gauge for the cost of funds is approximately $500 dollars per month for every 100,000 loan amount obtained.

Im currently in the process of forming my business entity and I would like to begin networking with individuals who have used these types of funds for projects as well as assist me in obtaining them for myself.

Having an "emergency fund", is a great way to go.

Imagine having a  fund all landlords contributed to, set up by landlords, to legally process all evictions and collections.

They can often start calling the day you fund and you can have an idea on which way your deal is going to go before the servicing ends up being transferred.  

My question is do I have to transfer funds to my checking/ savings account and let it "season" for 60 days before using it for down payment/closing costs for the purpose of getting a mortgage?

Based on the fact that you are a full time student with no money and no credit your best approach would be to concentrate on school, if that is your desire, graduate, save money and build your credit.

have my own source of funds so can close fast if needed.  

As such, we don't really have funds for a down payment towards a property.