Using the the MLS and waking through properties is lower risk, lower reward. 

Risk was nice and low, but low risk=no reward. 

I am 20 years old and a Junior in college, I have read multiple bigger pockets books and watched numerous webinars trying to soak up as much information as I can.

There have been numerous people on BP talking about how they paid application fees but they could never get their loans closed on any deal brought to the company.

Example of pg. 290 MLS You will pay your agent a commission when it is rented Talk to your agent about how it‘s done in your area as well as pricing Existing Tenants If you already own several units, send your tenants a postcard of the property and offer them a cash reward if they get someone to rent Accepting Phone CallsPre-screen the tenant before showing them the house Their gross income must be >3x The monthly rent The credit score of 600 or more Source of income and provide proof of income Good references from previous landlords Number of occupants less than 2 per bedroom (Washington law) Only non-smokersShowing the Property to TenantsTo avoid no-shows, use these techniques: Give the address to drive by, then tell them to call back if they want to see the inside Batch the meetup time with other tenants, Friday from 5-5:30.

There are numerous ways that you can lock up or control a property if you find one that you want before you are ready to sell. 

I also manage a lot of SEC 8 tenants for other landlords who understand the risk and rewards.  

In a buyer's market, the barrier to entry is much lower, but the rewards will be relative to acquisition costs as well.

This depends on numerous factors including the local market, the existing condition, the cost of upgrade, etc. 

Of course, there are numerous scenarios and negotiation tactics that can alter this.