Any input would be much appreciated.Note:  I do work full time and I was wondering whether or not I should use a property management company and the pro's / con's associated with that.  

You can get a blank realtors form online from your state realtors association and use that if you do not have a simple buy sell agreement. 

It also had condo fees at $160/month and homeowners association fees of $72/month.So, to sum up this “deal”, I was in for $12k (at the time, I didn’t want to waste my VA loan, not knowing that you could take out multiple VA loans as long as you were below the threshold of about $415k), with payments totaling $1082/month. 

In your case, the association needs to know if you are planning to alter the roof structure in any way that might affect its integrity, or (although you didn't mention it) get rid of a roof bearing point to create an open concept concept great room.The 3rd line you are worried about is just  there to cover things that are not specified.

I recommend you read this book to start: http://www.amazon.com/Investing-Apartment-Building...by the way - SFR means single family residence and REIA means real estate investment association

I'll also ask our Association!

Talking with associates of Bigger Pockets we came to find out our goals were centered more around markets that Cashflow and not so much around markets that Appreciate.

This usually comes out to an $800/year fee plus the requirement to file a CA LLC return (Form 568) which has its own preparation costs associated with it.  

There are risks associated with blankets, specifically exposure of all assets in the blanket, and necessity to release property in event you want to sell which could lead to unfavorable reappraisals...Having said this, your question is a risk/reward and strategy question.  

according to the Mortgage Bankers Association.