Your tax situation will dictate much of this, but for me, it all comes down to total ROI.

Broadly speaking, investor law is dictated by the state in which your investor resides and lending law is dictated by the state in which the property is located.

Never let your tenants dictate the rent.

In other words, I don't advocate to working for a good CPA and trusting them to do it... their job is to fill in the right forms but you need to be in control as the owner and not let the consultant dictate the scope of work.

But a 1 year lease with right of first refusal for following years, but you dictate price & conditions.

If you want to dictate how to screen the tenant then you should self manage.For a W2 employee position I do not ask for their W2 or bank statements, just pay stubs.

The market value of a property usually doesn't dictate the insurance amount unless you've chosen to insure the property for what is known as actual cash value. 

The structure heavily depends on the asset class and that also dictates splits, but I operate in the STR space so we typically have a much great cash on cash return than most stable asset syndications. 

The lender dictates the terms.

the % is dictated by staff time/rent... not some magic # or ballpark %.