I wish I had purchased the hard cover version though, I need to take notes. 

You take a risk which could result in cancellation of your title insurance and complete loss of your real property without compensation in the event that a title issue regarding your real property arises.Contact your title insurance company to determine coverage and if your policy does cover transfers , and when or how.2.

Do a standard screening weighing heavily on there credit report.

A residential mortgage that covers commercial property is very strange, though I'm not sure what you mean by a "residential" mortgage.

Regarding the roomate situation, my agent told me the insurance will likely cover the property damage caused by the roomate,but if he got injured due to my liability, that won’t be insured. 

It better be enough to cover for a month of not having a tenant.

I had the same but it looks like more than one unit was affected so the complexes insurance is covering and they'll never allow a full loss of one unit.

One podcast recently i listened to mentioned that he self manages all his properties to save on the PM fees, but he has some sort of policy with the local utilities that basically gives his tenants a 24hr number to call if something was to happen to say a frig or hvac... he even mentioned it covered a clogged toilet..I am curious what exactly is this such policy he is talking about, because the way he worded it, it sounded like he took most of the headache out of the job with this and he just worries about getting new tenants and collecting rent... he said the policy was cheaper than just keeping a handyman on call to do the repairs.. 

First let's cover the two black and white scenarios, then we will get to the gray area:Scenario 1.  

In either case signing a two year lease should have some increase built in to at least cover inflation.