Peter would depend what your current liquidity and net worth is along with your annual income from your job/business/current investments etc.Different assets are cycling at different points in time in different states.2009 was mainly coming off the bottom for the lower priced SFR assets. 

As a 20 year old, you have the most valuable asset, which is time. 

Maybe that seems like a lot to offer but my thoughts are a few thousand dollars is minor when considering the life of ownership of this asset. 

Besides attending to the myriad of questions, requests, and issues with tenants and the property, a good PM will provide liability protection with legal knowledge, asset protection with a tight lease, and increased ROI with simply smart management. 

I have access to the LandVision software for doing research on off-market properties, and I'm looking for some recommendations on how to best filter my search criteria.

I didn't have assets to sell or any passive income to help me out as a college student.

UNLESS you have a large amount of liquid assets available in the event you need them, but still the long game wins.Best of Luck.

Sure, Ken.Especially since he wants to be a passive investor, it would be much simpler to be a member of your LLC if these are the only assets that will be inside it. 

On a typical leveraged acquisition of a residential multifamily we look for 15% Cash-on-Cash...once you climb over this, you're probably getting into the D-class assets that are too much hassle for the returns.

Most banks/brokerages I’ve spoken to want me to put the funds in a pledged asset account.