From day one I treated my involvement in real estate as a real business.This means, I had an advertising budget, a lead generating and follow up process, a back end process and money source and above all an experienced mentor.  

@Dave AllenRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The property manager should be involved before you buy any property to give input on due diligence, how to increase income and reduce expenses, and to make repairs or improvements to maximize occupancy.Excellent property management is critical to your success before, during, and when planning to sell or refinance.To your success!

The easiest of all the thing I've been involved in.

This will allow you to get the sheriff involved immediately.If you are already past the notice period then you will probably have to follow whatever state laws are in place for the notification period and possibly the eviction process.

How much upfront costs are typically involved in a project before you know if it's a viable project to pursue? 

The apt is on the 2nd floor and the furnace is in the attic.I will talk to the heating contractor about setting up a floor temp ( might involve installing a 2nd t-stat as a couple people suggested).

I am starting to get involved with real estate investing, but I am only a college student, so I do not have the income to place a 20% down payment for most properties.

If the rent stabilizes, I can then consider refinancing these properties using DSCR or other valid options (please educate me, and let me know what other options you think are valid).

What other kinds of loans or financing strategies are available that don't involve using too much of your own cash?