What challenge did they overcome with financing the first few deals and how did they overcome?

It can require extreme effort and hard thought to overcome.

Even for those wanting to be full time, overcoming the lack of experience and getting their first deals behind them is the toughest.But, with that being said, here is the approach I took (and I'll have to admit, I had a little advantage - a degree in RE and had just gotten my brokers license, and had several years of buy/fix/hold behind me).

Ive taken on challenges, overcome obstacles, added onto my work load so I can learn and grow as person.

I can find videos of people using tools on Defiant and Schlage locks also... so unless you are completely bulletproofing your property I think it's pointless to worry that there are "tools" out there that can overcome a specific doorknob. 

Some of the most inspiring stories are from those that have overcome obstacles to be successful, and are moving up the ladder.

In the past year or two, there have been several large apartment buildings put up near campus, and I am aware that there are plans to put up at least 3,900 more bedrooms in the coming years.It may be hard to tell if you aren't in this specific market, but could this adversely effect my rent rates?

You will have to overcome a natural bias against you due to your age.

If you are risk adverse real estate, (especially out of state) is not for you.

While the market might be able to over come the cost issue (if rents are high enough), the zoning is typically the killer.