That fact, combined with the amount of time it covers, causes it to have limited usefulness that borders on irrelevancy.  

It's best to discuss it with a tax expert before embarking.Most retirement plans require covering your employees, as well.

What it really is they make you buy a more efficient equipment and the cover the cost between basic to upgrade.

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.