There are online training courses, which are appealing because i work a 9-5ish gig and can't up and quit to persue the idea of a new career.

Try places like Fiver and other online work sources

Just to be safe I would have an extra "renter insurance" notice that your renter's sign that says you recommend getting flood insurance so you are covered.

i don't plan on living in the property but would like to make sure its safe for my tenants.My realtor thinks i should look to a nicer part of town instead but this means i would have to spend more time saving to come up with the down payment since those properties are at least 50-60K more and dont necessarily generate that much more cash flow.

In order to be on the safe side I would also recommend you pay to have a lead based paint representative ensure the residence is safe.

I am looking to make an offer on a house but it has a clause in the Covenants that all leases must be approved by Board of Directors of HOA. Is there any legal documents I should have them sign if they approve of my t...

So as long as my rehab budget plus 10% or possibly more for overage would be pretty safe?

While you're at the attorney, I'd ask him some questions about some of the newer rules like the Safe Act, and Dodd-Frank. 

Some states have specific laws around how much you can raise rent, so make sure you are acting within the law.After closing, introduce yourself to them, give them your address for sending in rent (or ask them to use online rent payment, whatever you're doing) and ask if there are any repairs that need to be done. 

Keffer Realty does a good job and has a good online interface as well.