I'm concerned that if I place an ad to find people who will work on an hourly basis (in the area of the property) that I might have a hard time finding people who can reliably respond to emergencies during off hours, but I can't afford to have someone working full time or with standard on-call rotations. 

This is standard information that we ask all hearing potential witnesses to provide.

Hey Chris,Yep that is pretty standard to do, feel free to reach out if we might be able to help.

I have good standards.

If you took the hit and lost money on this one tenant, by what standard would you refuse to do so to other tenants in comparable situations in the future?

With rehabs you can get to significantly lower purchase prices and typically the lender will just be looking for  a100k+ ARV so that you can refinance out of the loan once rehab is completed (100k as-is value is pretty standard for DSCR loans).With rehabs experience is the biggest factor to LTV and rate so partnering up with someone for the first one or first 3 will get you significantly better terms (working in the same area can also provide benefits in terms of LTV).

We sign a completely new lease with the new tenant after we make sure that they meet our rental standards.

Also, the state of formation is likely where internal disputes would be brought among LLC members, so if you and a partner and/or spouse live in CA, you probably want to arbitrate in CA if the two of you had a disagreement.

Section 8 tenants can be great, but the properties do have to meet specific housing standards, so factor in potential renovation costs to ensure compliance.

As a few others have mentioned I think the 15% fee for MTR is the typical industry standard but it can depend on the area