Ming,Get a good umbrella policy and consider an LLC for the rental.

I will consider an increase in rent this year of a small amount.  

Wondering if people have found a good rule of thumb for what they'd consider an acceptable # of applicants, so there are enough to have consideration of, while pushing the limits on what the market will accept. 

@Cosette Trantow while I agree with your premise, and believe most of a dogs behavior is based on their owners, my insurance will not cover my property if what they consider an "aggressive breed" lives there, so I can not allow those breeds on my property.

@Deanna S.You may also want to consider an IRA LLC or a solo 401k. 

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is likely to be higher, then you may consider an umbrella insurance policy.

so can evict and reset rents to market" is exactly the type of investor behavior rent control laws were set up to prevent.You are at the start of your investing journey: consider an area without rent control to start with until you learn a lot more.

Maybe ask a Realtor about the facts in your area.Also you may want to consider an owner finance sale to them if they qualify and let them finish the basement as owners, not renters.

When trying to consider an investment in, what on BP is called, house-hacking.

Consider an FHA loan!