Townhome cost about $250/mo (mortgage, tax, insurance,) less. 

The issue is, based on her credit report and other known info, I added all the expenses: (car payment $722, debt obligation/month $1900, rent, renters insurance, utilities, estimated grocery, living necessities, her total **essential** expenses would be at least $800 greater than her net income. 

I opened the accounts under my personal name with a standard checking/savings account, however none of my personal transactions will be with these accounts, as they're set up just the property.  

Research rental comps in your target neighborhoods.Expense ratios: Repairs, vacancies, property taxes, insurance, property management fees, etc. can take a big chunk out of gross rents.

Hi Tanner,I was going to put down at least 20% to avoid mortgage insurance. 

After we finished we thought, sure enough our insurance premium should go down since we added a ton of value and updated everything and turns out that it wasn´t the case if we wanted to have only one policy.

That include dog bite as well.Do I ask her to get a separate pet liability insurance or current renter insurance with 300k liability coverage mentioned above would suffice?

These numbers should be determined using a combination of the historical financial data available, feedback from your property management company, your business plan, and the property characteristics.Generally, you can expect per unit numbers like this:Repairs & Maintenance: $200 – $500 per unitAdministrative: $150 – $350 per unitUnit Turnover: $200 – $300 per unitContract Services: $200 – $500 per unitUtilities: $800 – $1,200 per unitAdvertising $100 – $300 per unitPayroll $1,000 – $1,600 per unit (very market specific)Insurance: (very market specific)RE Taxes: (very county specific)Again, these are very general per unit numbers but they should help provide you with guidance. 

There isn't a standard document for this.

Home insurance will give dwelling coverage but won’t give liability coverage due to the pool.