They're pretty organized, but expect annual inspections and some extra paperwork. 

That way you wouldn't need an extra policy.

You'll want to have an insurance agent familiar with rentals since a lot of the extras on your coverage that you will want, the average insurance agent won't know to give you. 

Before you close, can the rent from your buddy and the midterm tenant cover your mortgage, taxes, insurance, plus a bit extra?

If your average heating bill is $150, you may not collect enough in the winter months when the bill reaches $225 but you'll collect extra in the summer when it drops to $65.

Some companies might charge extra for maintenance coordination or inspections.

-A water heater issue resulted in repeated mismanagement—confusing unit assignments—leading to extra costs to fix the same issue 3 times and on each occasion "more fixes" needed to the water heaters that I plumber said was needed.

However, you appear to be the type that doesnt really want to deal with some of the work or extra effort needed for those strategies.

The goal is to minimize unnecessary usage and prevent extra costs, rather than blindly paying whatever bill comes in.

We have been able to get some great deals simply by doing extra research that the average person wasn't willing to do.