It is a townhouse and the adjacent property (that previously had an identical interior layout and size) has gone through a renovation to expand the kitchen by approximately 100 sqft, and add a second bathroom.This adjacent property is currently renting for $300-400 more than what I believe I can rent my property for.

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Often it's not intentional, it's that without regularity and familiarity, the target moves. 

They provide all of the same benefits of regular ownership including 1031 exchanges. 

unfortunately there are many ex-2 prong outlets that are swapped with regular 3 prong outlet without GFI.  

Any other possitive factors  - stable tenant base  - alarm systems  - regular checks on the property  - no pets  - Lead safe certification  - newer roof, plumbing, electric, etc..Anything to balance off the lossesBe prepared that it may end up in a non-standard (surplus lines) market for a couple of years.If you did not have flood coverage before, see if they will continue the current policy if you get Flood coverage and increase the property coverage deductible. 

I know with private $ we'd have a higher rate but was hoping it'd be a short term solution if we could refi into regular 30y mortgage

They might not have a separate form, it might be just the regular business license form.

When they are breached, many remedies that apply in regular contracts can apply.

Check in with them regularly.