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Heist Leader must be level 12 or higher
Heist Leader must own a high-end apartment with a planning board
Heist Leader must have enough money to front the cost of the heist him/herself
http://www.idigitaltimes.com/gta-v-online-heist-requirement-checklist-heres-everything-you-need-do-heists-421163
If you don't, go to the property app, narrow the search for High End only and look for a cheap one.
High end apartments have the map and planning room in them. Once you own one, Lester will call and offer you a Job that will show as an "L" on the map.
No it doesn't need to be cheap, but at level 12 there is no reason to splurge on a penthouse unless you have the cash, you can always sell your apartment for 50% of the cost later on so it's better to buy the cheaper option to avoid losing too much.
(You can even keep the cheap apartment if you like, they are little more than spawn points.)
And I have been around from day one PS3, saved for the penthouse long before bonus pre-order money. By the time I upgraded to PS4 the 500k was pocket money and 800k on PC isn't that wonderful either. (27.4 million career total, after you run out of fun things to buy you tend to stop farming for cash)
Yeah I did the same.
Brought apartment 40 in Eclipse towers back before the second high end interiors were added, bit harder without heists and lower payouts.
Strangely apartment 31 cost 90k more, but you do get a view of the hills. I preferred the city view though
Christ I sound like an old man. "Back in my day we got payed less and charged more meeeeeeeeh"