We segregated them from any degree of competition, failure or necessity to conform to any standard.

Jump off the cliff or Analysis Paralysis- define failure.

Failure to pay the utilities when due is a lease violation and will result in a notice to pay or vacate.

I’m just afraid of setting up myself for failure since it’s my first rental property.

Without complete financials up to that point, extra work (and headache) will be required to get everything straight after years of failure to keep complete financials.There also might be an asset protection wrinkle by not maintaining complete books for an LLC, but I won't comment on that as I'm not an attorney.

The property owner is obligated to honor this agreement, and failure to do so would be enforceable under the terms of the contract.

They missed the promised start date on the project by almost two months causing a cascading failure on dates since it was the roof, there were interior things, other dependencies that we couldn't do until the roof was finished. 

I will have more failures than successes on this project. 

If the failure to join was a ministerial oversight, then a new deed would probably cure the defect. 

But cat pee soaking into the floor is damage, failure to clean up liquids or other gross things, I'd rather not go into.