The fact that they are listed together, under one contract together or closing together is not sufficient. 

I'm estimating that this house will save me about $1400/mo vs renting.I'm also concerned my Maint/CapEx number of 10% is not going to be sufficient.

An existing loan where the agreement to pay an underlying mortgage is not an assumption given by the mortgage holder, the seller is making an agreement extending credit sufficient to pay that underlying mortgage, the seller is financing it.

I'm not a control freak, but I do need to be sufficiently informed and hands-on to know what's going on rather than leave everything in the hands of a property manager or GC that I've probably never met.

For example , having sufficient cash flow and reserves to maintain the properties to high standards.

It is better to lose sleep over a deal you didn't buy than lose sleep over a deal you bought.

It is not uncommon for those students to have a bank account with sufficient funds for the lease term. 

If you are cashflow negative on this property how well will you sleep at night if you are cashflow negative during a downturn?  

I have same issue on my iPhone, I will have a browser open on the site and if I let phone go into sleep mode I have to log back in.  

Do the right thing, maintain adequate insurance, and sleep well at night.If you have a need to establish an LLC for other reasons, then do so.