Mortgage terms range from 6-months to 7-10 years (7 & 10 year mortgages are fairly recent and not frequently used as they come at a premium) with the most common term being 5-years.   

If you have a sufficient buffer from that area then the effects will be less.    

So I'm thinking of taking on a partner who has the cash but does not have good enough credit or job to be apart of the financing ,he has sufficient cash on hand for his half of the deal.

If you advertise that a tenant must make $2,700 gross, then you excluded a retiree on $2,200 a month who may have sufficient savings, or another retirement income that will pay out in 6 months or a young couple where dad will co-sign the lease! 

His phone rang off the wall. 

My actual insurance premiums range from under 1% of ARV to around 1.5% for Replacement Coverage.

It also depends on price range etc. the one bed one bath will be on the lower end of pricing in the area so I may recommend getting a realtor to do the credit checks to make sure you get a good tenant unless you are comfortable doing it on your own.

Another lesson learned here is to make sure that the security deposit is a sufficient amount (many get a full month's rent) and have it stated in writing that the security deposit is non-refundable, but gets converted to a refundable type once certain conditions are met.  

I'm Interested buying several lots ranging from 1-4 acres for a total of 12.97 acres.

By the time I'm finished the property will fit within the comp range in that neighborhood.