I always got a DP3 policy with $500K in liability coverage on my SF rentals.If grandpa is living in your place, his personal items are not covered.

When you do all items, the numbers add up to a large monthly expense   So what did my spreadsheets show me?  

@Frank Sichelle, I hope to clarify one item you mention:If you, as an LP, are looking into a company, you should be asking for Original Underwriting vs Actuals.  

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What recommendations do you have in terms of what to take a look at/action items after 1 year? 

There are some important items to be included but you simply say what you want about who owns want etc.Apply for a federal tax ID number online at the IRS site.  

Things such as hot water tanks, carpets had to be replaced in a few years, so I wound up depreciation some items more than once.I sold a rental last year for $430K that originally cost me $70K as an investment property.

Answers my main question that people do have many, many separate checking accounts for each property - keeps line items separate for bookkeeping purposes.

I am more concerned about roof damage since that is usually the biggest ticket item. 

There are items in every home which will require constant maintenance, meaning yearly or every other year such as the furnace-A/C, toilets, faucets, main drains, and gutters.