As an "owner" you are liable and aren't covered by anything but your personal homeowner's policy (how does your insurer feel about this?).

That covers my mortgage payment PLUS $200 over that.

Ask about his screening process. 

Some properties had lower vacancy because they severely cut their screening standards to put heads in beds, but their units were full of concession surfers who would take the one month free deal, never pay, wait to be evicted, then repeat at the next property. 

Am I responsible for covering the cost of extermination if the cause of the infestations (cats and trash) are from the tenants?

It looks beautiful and shoots up to the second floor covering the master bedroom windows which provides a much needed privacy from the neighbors  who's lot is very close by.

Tile/floor finish can be under $5/sf, so it covers most nice ones.

We are using a conventional loan to cover 80% of the deal.

CMHC high ratio mortgage insurance will cover up to 4-units (though the minimum downpayment required is larger for 3 & 4 unit properties, than for SFR or duplexes), provided you reside in one of the units.

The bigger question is how much do you have in reserves to cover yourself should you find yourself in a downturn - which leads to another critical question regarding cash flow.