The Partner would be putting in 100% of the funds for purchase and rehab (around 50k total) and we would be handling EVERYTHING else.

Let them handle the tenant. 

So now that my back is against the wall, here we are. 7. 100%, and I tried to handle it that way. 

It is also good to ask the HOA how they handle big ticket items (roof, etc...) sometimes they will charge an additional amount for replacing these.Maintenance will generally be less since you don't have to worry about the exterior (usually) and any landscaping.

The way they handle things do hold some expenses down which is why I picked them.

Whether the budget needs to be reworked, or you need to adjust the scope of work to free up money in one area to handle a surprise in another area, a great contractor can give advice on what will work best.You will find your business needs several partners to be successful.

Your most likely way to handle it from the Insurance Standpoint is to do a Homeowners policy in both your names. 

Pick something that you know you can handle.

If you are a complete beginner with limited knowledge and experience then I think it's best to hire a professional until you're in a better position to take over.Even the most experienced investor may be wise to use a property manager because the PM can handle the mundane day-to-day tasks while the investor focuses on building the business.

-The 2nd mortgage is note to the investor(s) that would be on a 10 year note for the DP-I can handle the financial risk the bank wants by securing against one of my current properties-I'm not too crazy about these ROI's.