The answer to this question would be helpful because it would allow me to determine the extent to which any losses that I may incur—by way of unequal returns on the money invested for renovations—can be recouped via the rental cash flow over a period of time.

However, if you are looking at short term flips, the chances of you getting screwed on stock market skyrocketing during that short period is slim so it may workout. 

Please advise the books about real estate investment and management.
Thank you.

The landlord probably does not want people over period in this unit because they are right above it. 

.- I know you would need more information to give an educated opinion of the deal, but just looking at the rough terms what are your thoughts?

Strong pharma, healthcare and education economy.

You might want to check out the free guides under the education tab above. legal?

I’m currently still in the educational process as far as real estate goes and I’m not quite sure which facet of real estate I want to start out with.

I am interested in meeting all investors, and specifically:-Local agents who can help educate me on the market, hot rental areas, best schools and areas for families, etc.

If you haven't already, take a listen to the BP podcast - it was a huge part of my education as I started in REI and will give you so much confidence to tackle this new venture.