As long as it appraises at or above what you are paying for it, that's all the bank will care about. 

There is a clause in the owner's agreement that states the Property manager is Manager as long as the tenant is there.

I understand if I had a mortgage on it and as long as the NOI(rent, expenses) surpasses the mortgage monthly payment, whatever remains is consider a positive cash flow.

Although it's true that the cashflow is the ticket to financial freedom, focusing on appreciation and equity will help me generate the wealth needed to obtain properties that have that kind of cashflow faster, and cashflow really should never be your focus after you've achieved financial freedom (as long as you aren't taking significant losses).

As long as they abide by the lease and they return your property in reasonable condition, you are going to give them the security deposit back. 

Judging by what I’m reading I shouldn’t be to worried about not having a written lease or tenant application/ID for the tenants as long as I can get an estoppel, correct?

As long as the rental property is about a 15 minute walk to the University, close to those Towson University bus stops, or close to the bars uptown, it will be attractive to students. 

Most areas that are non conforming allow continued use or replacement use as long as property is not vacant more than 1 year.

It's okay to be wrong in real estate as long as you use that education to better next time. 

Flips are great strategy as long as you can keep the rehab cost low with the high cost of materials.