I have done my research in regards to paying off my student loans first, but they are at a 3.2% interest rate and I still think it is more beneficial financially to invest now while I am relatively young.

the biggest issues are that the available tenant base drops dramatically around October and doesn't pick up again till the end of the school year.People are no different than animals in that regard.They want to be settled and hunkered down in a property before the school year and/or bad weather starts.Quality tenants with good financial backgrounds don't want to move their families in the middle of an icy,snowy winter for obvious reasons,and good college students have already started school in August.Many of the few available tenants will have questionable backgrounds like recent job loss,previous eviction,bad credit,difficult income verification and don't make 3 times the rent,criminal records,etc.   

Could I acquire the house by borrowing the 20% from a family member, then turn around and do seller financing to the individual?

As a result and from a tax planning perspective, individuals will process partial Rothconversions each year and higher amounts in years that they don't have high earned income earnings because the amount converted from the IRA to the Roth IRA is included in your taxable income for the year of Roth conversion.

I look forward to learning as much about real estate investing and strategies that will allow me to create a lifestyle of financial freedom and adventure!

I am looking to expand my knowledge, build relationships and network with motivated individuals within my area.

Although I have read tons and tons of books, watch 100s of videos on REI; hearing the stories from you wonderful individuals is priceless. 

Tour it in person, then ask to see the financials.

I'm not sure of your exact financial situation, but I would also add that if you have not yet mastered personal finance, you best focus on that before buying any sort of property ... this will also help you save some money.

The size of the mortgage depends on if refinancing individual loans or several under a blanket loan structure.