:)As for LTR rental terms, usually we sign a 1 year lease where tenants are expected to pay Electric and Gas if applicable, while the owner typically pays water/sewer/trash with the city. 

"Which initially I was expecting to pay for nothing.

Whatever prices are offered by your chosen CPA, expect them to double with a partnership.

I would tell people today that if you buy a primary residence expect to stay in that home for atleast five years, especially with a FHA loan which has lower down payment as the current forecasts for home appreciation or very low which with closing costs on the buy and sell, it will take several years to have equity in the property and enough to be able to sell, so that is something also to consider.

What is your expected appreciation and what is the data to back that up (e.g. how confident are you in you answer)?

For example if rent is $2,500, you would expect total gross income of 7,500/month if my criteria is 3x income?

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 expected to be higher, you may consider an umbrella insurance policy.

It should go without saying, but I do understand when you're new to real estate expectations can be out of line with reality --- if you finance 100% of a deal you will not see any money out of the deal for many years and will be putting money in for many years.

It takes longer than expected when doing most of the renovation yourself.

I would expect they would take a higher revenue percentage.