The main issue is a consistent lack of effective management and oversight.

The biggest factor is thoroughly review their credit score report especially on time payment record and score.

I understand credit enhancements and additional guarantors are sometimes required but to be unable to cover escrow funds and to give away deal ownership for that service is kind of crazy but back to the main point, the real issue is when the Co-GP is not truthful about their true role or embellishes their portfolio/ unit count. 

When things outside of our control as investors change, (macro-economic factors, saturation, disposable income etc.) and there is no safety net, that's when investors can get really hurt.

I’ve received multiple quotes from insurance companies (mainly I would obtain the quotes myself).

Than I thought it was all the things that could go wrong in the flip, hidden gems like K&T hidden in the walls, shot main-lines, etc.....   

If so and the monthly payment isn't too bad then you're still moving the needle forward if your main goal is wealth generation and not just cash flow. 

I worked for a property management company that requires all potential tenants to check into the main office prior to showing as a means to provide a safe showing for the employees.

We also have a bank account at a smaller Chicago community bank, but there technology isn't as good to be honest.I think @Jonathan Greene's main point is don't step over dollars to pick up pennies. 

Rental competition seems like a big one, but I’d love to hear how you weigh other factors too.Thanks again for sharing your experience—it’s really helpful!