After reading your post I circled back with the Acquisition Agent who procured this property, and he confirmed that the information provided by the seller was that no flood insurance was required on the property due to the floodplain simply encroaching on the backyard and not the house. 

If a property manager is going to rent, list, collect rents, procure prospects or negotiate, assist, or offer to perform any of those acts, he or she will need a broker's license.

The agent who showed you the property is the agent who has the procuring cause of the sale if you do end up buying it.

Definitely do your research in other markets to get your bang for your buck with your procurement strategy during that time. 

Your new agent might not get paid on the deal while your old agent will due to them being the procuring cause. 

Once you do decide to procure your first rental, definitely lean on the BiggerPockets community as a resource; I'll also say that it could be worth considering a shot at a software solution built for DIY landlords (1 - 15 units) to bring some automation to the rental management process (just to make things much much easier for you)!

We don't hold properties and students trying to procure housing would find it gone long before the 3rd week of August or whenever school starts.

@Peter T.For construction managment, the 20% is only if they want us to do it all meaning procure all materials, gather all of the bids and manage the entire project on-site as well.

They can support you with back end materials, marketing strategies, trainings, etc. but it is up to you to procure the business and whatever they can add is a bonus. 

It sometimes requires procuring a couple bids which can take a week or more.