Each agency has slightly different criteria and limits but the process for setting rents is roughly the same and has 2 components. 1) The tenant voucher is based on the tenant’s specific finances and number of people within the family unit.  

I would suggest you up your rate from 8% to 10% to help off-set some of that cost. 10% is doable all day long here in Texas.

Contents (Personal Property): most homeowners policies give a set % of the Buildinglimit for Contents.

One thing to note when getting conventional mortgages and spouses.There is a 10 limit per person for conventional financing.You can either do 10 conventional in each person's name which would be 20 mortgages for 2 people or if you do the mortgages jointly, will only allow 10 in total.My thoughts are not to own joint assets until you are both married. 

A partnership requires three things to be successful - Experience, Capital and Time.It looks like you have the capital and experience but maybe not the time.I have my doubts about this working if you have a friend who has weak credit and a limited cash flow.

The "Set it and forget it" mentality, I think, will limit your listing big time.I do all of the pricing across multiple listings. 

In addition to your down payment, plan for closing costs (around 2-5% of the purchase price) and set aside at least 3-6 months of expenses for repairs, maintenance, and vacancies.

It is a fairly signinificant set up fee and monthly charge. 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.