What I would recommend is to utilize an online application or paper application so that the tenant doesn't have to pay an application fee just to submit the application to you.  

I look forward to meeting you online and possibly in person.  

We have a two-day on-line class on exactly that topic in our fundamental curriculum, "The Essentials".

Also, when I was making offers, it was just over a week before the government changed their lending rules so I either had to purchase a place or wait and save up even more of a down payment otherwise I would have been priced out of the market.  

I want to know what all my different options are when trying to finance the investment and then what it is going to take to get there.Many people would just say budget and save until I can afford a 20% down payment on a property all by myself.

But my biggest fear was starting out; taking out a loan or using savings for the initial investment, and hoping that everything works out.

You are free to spend $800 worth of time and energy to save losing $100 if that supports your business model all you want.

Its typically foreclosure that gets the borrower to reply, so we send a couple save your house type letters, while starting foreclosure in parallel.

My question is do I have to transfer funds to my checking/ savings account and let it "season" for 60 days before using it for down payment/closing costs for the purpose of getting a mortgage?

Based on the fact that you are a full time student with no money and no credit your best approach would be to concentrate on school, if that is your desire, graduate, save money and build your credit.