They take one look at your list "Replace outlet cover in back bedroom $40.00". 

2) Do you plan on getting married and having kids anytime soon3) Do you have any contingencies to cover the rent in case any one of your friends decides to abruptly leave or is unable to make payments?

We make absolutely no money on this house and actually pay $6000 a year as their rent doesn't cover the mortgage.  

That all depends on if the rent will fully cover mortgage, tax, insurance, 5% of rental income for repairs, another 5% for CAPEX, another 5% for vacancies, and another 10% for PM services (even if you self-manage).

That covered my question pretty thoroughly.

Then, I would create a state-specific lease with addendums that cover major issues (i.e. rent payments, pets, etc.). 

You need a strong operating agreement that covers all contingencies. 

I will probably have to increase my money up front to cover additional rehab costs.  

Instead of helping me with the sale, I was able to negotiate an added stipend which covered my mortgage.

and use the rent it is pulling to cover those monthly payments.Wondering if there are any other options out there I am blanking on...Any help is appreciated!