@Dan Mahoney I agree that something does not compute.I took a solid hit, but I'll be fine.

Even on simple deals we refer our clients to QI's who truly understand the Code and can handle complex transactions.

Sounds like you have a solid plan.Everyone starts somewhere.Lots of apartment inventory coming online so I'm sure you can find a 6-7 month deal. 

Walking around and checking out the units and the outside helps me understand what it could be like if I decide to invest.Also, when I go to see the property, it shows the seller that I'm really serious about buying it.

Your advice will be invaluable in helping me navigate these initial steps and lay a solid foundation for my future in real estate investing.Thank you so much for taking the time to read my post and for any guidance you can provide!

Park improvements require a very keen understanding of 'will this expense drive my NOI? 

i would be purchasing the property with an FHA loan. and im also looking for solid cashflow + long term holding 

You can always try holding it if your lease is solid and you did need to return the property to rentable condition secondary to tenant negligence.

This isn't for financing, which I understand is a requirement.The agent said her "firm requires" it which may be true, but that doesn't make it a legal requirement. 

OK well I need to understand these terms.