Or is it even worth the time. 

That would be a good place to start if you don't have the capital to do the rehab.

The books mentioned above are a great place to start!

You'll want to get at least 85% of the purchase price + 100% of the rehab costs, and this is very doable with good credit, regardless of your experience.

They told me to collect the fee up front which obviously I cannot do.

Buyers and sellers are lining up for deals.

It's current tenants are not students but my plan is to replace the tenants with students within the year after purchase.  

If you don't have a mortgage/deed of trust and note drawn up, you might have to pay a bit for that.

It's for the tenant's benefit, but you will benefit from it over the long-term.

And there are sponsors that have survived multiple cycles with little to no money lost and sponsors that are brand-new (and everyone in between)So these all come with a wide range of projected returns, actual returns and experiences.