If you will use a PM, have you interviewed and selected one?

So as of right now my biggest issue is finding an established FHA lender who understands how the loan works and is effective in securing them. 

You are effectively "hacking" your biggest expense--housing--by having tenants pay for it.  

Lowes has a 'style selections natural maple' that we like to use and it's only $1/sq ft

Be aware of things like condo rules regarding investor owned versus owner occupied units as this could effect your or your end buyers' financing possibilities, special assessments or association fees that could effect your carrying costs, condo rules regarding renovations and what owners are allowed to do or restrictions on noise or work hours.

One or two bad months could possibly put you in a bad position and start effecting your schooling.

I like  Johanns  idea of the tightly placed granite (or cost effective tile for you). 

Effect of seller's default on loan secured by mortgage or lien on property If, at any time prior to the expiration of the time period in which the option purchaser has a right to exercise the option...

( these will effect your holding cost). 

@Derrick Wallace I selected that city because I am familiar with the city and I could afford properties their.