For example if the rent is $1,000.00 per month they applicant must provide proof of income of at least $2,000.00 per month. 

Depending on your market (and I know nothing about your area) you may consider facebook groups for students or marketing anywhere students/young adults can find you. 

I would agree to the testing, provided you hire the company and the tenant covers the cost.

Based on the Opex the seller's agent provided it's $134k which implies the Opex ratio is ~21%.

You're not likely to get a very large line of credit with that equity anyway (depending on LTV requirements for local HELOC options). $20k isn't enough to get started, but it's some real progress.

I've noticed the forums provide a wealth of knowledge from individuals investing in a wide variety of strategies and feel this is the best place to start.

All depends on your goals.- It is possible, but it will be long hours.- Walk the neighborhood and knock the doors, the conversion is greater but you have to be there.

In commercial real estate there are many brokers but only a handful of companies that will provide coverage. 

Please provide some pictures inside and out.  

I'm sure it depends on a variety of things like your local area, the lender you choose, and the practices of each individual appraiser you may encounter.