Going through the process will give you protection from potential complaints by the former tenant and current tenants (ie claims of loss of personal property.) 

Nonetheless, I believe there's a landlord cooperation program that helps with keeping tabs on any unpaid gas bills, but there isn't any protection for water.Again, thanks for the info.

I've recently worked out an arrangement with some friends to partner on some properties as well (and future properties).What are the best options in getting both of us protected when it comes to this partnered-property?

First off, most contractors are not that far behind as far as payments vs work done and they have legal protections to get paid if and when a problem arises via a mechanics lien on the property.

I want to make sure we are both protected.

Remember everyone to vote today try to vote for real estate friendly and the regulation local government this is to protect your long-term interests and the interests of long-term economic development and long-term prosperity Whoever you vote for make sure you do it with your community and your stake in mindCalifornia and a lot of other places on the West Coast and East Coast have become to anti-investor anti-landlord.

Down side is you are going to pay for the appraisers, but if you can get it in writing that's what you're going to do you get some protection there. 

Are there any protective covenants?

If someone does not have a protected way to upload documents pick someone else.Brokers have more options.

If you shopped only on interest rate, you could find out there were some built in penalties to protect the lender in case you refinanced in the future.