In california, Bay area, investor are looking at cash flow in SFR closer to 3%-4%, it can't even cover the ineterst rate.shervinrealtor.com 

Partner Driven financed the Tower Bridge Dr deal using its own capital, covering the $200,000 purchase price.

Partner Driven financed the E Market St deal using its own capital, covering the $60,000 purchase price.

This would apply to landlords with over 50 units in their portfolio, covering more than 20 million units across the country.

Even if you get a title policy you may have a problem which is not covered. 

How do we ensure that we have a comprehensive lease agreement in place and we have covered ourselves from all the potential liabilities?

Hello in 2021 my partner and I bought an apartment in FL.The main purpose of the apartment was to invest our money to have it saved for our son to go to college.We have been renting this apartment to a family member who has been paying less than what we pay for mortgage and HOA,so we have been taking money out of pocket to cover expenses and so on.I decided that even thou the purpose of buying it was for college,I’ve had enough taking money out of my pocket to pay the HOA and expenses.My question is if I should sell this apartment or if it would be worthy in the long run to keep it and meanwhile just keep paying the HOA and expenses.Renting it to another person is not an option.

This now sounds like wear and tear that won't be covered by insurance.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

I would fill out a notice to terminate and tell them that you will rescind it if application and lease are completed in 10 days, but you need to cover your bases.