Good management practices and good tenant screening is what will help prevent you from getting sued.

I would also be most eager if anyone needed help on properties locally in which I could get experience and learn the ropes of things while I am still practicing my trading. 

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Practicing deal analysis and was wondering if this investment would be worth it. 

I totally agree with and practice many of the strategies in the replies when it is necessary.   

In our practice, any property 6-units or greater in size is evaluated (cost vs benefit) for fitness to be sub-metered.Once you sub-meter the water, you can hold tenants accountable for their consumption.  

For Best Practice, do you have one account that you put Maintenance, Vacancy, and Capital Expenditures into, or separate bank accounts for each one?

I've never collected a tenants rent (all my properties have been managed by a PM) however I think it's good practice to issue receipts for all cash payments.  

It used to be a common practice a decade ago, but while I haven't checked recently, I'd be very surprised if it were still happening at most courthouses today.

Practice makes perfect!