You want to see what is working in an area and copy it.

And next time, write out a well written agreement that both of you have a copy of and have the appropriate contingencies.

I'm mainly wondering if I can freely rent it out and set prices on my own, or if I have to pass through any red tape with the property managers. 2: Are there any common extra expenses?

I copied info from the Census and then combined the Bigger Pockets recommendations for what you should look for in a market as well as their recommended %'s which can be found in notes if you hover over the little triangle mark in the cell.

So, the total move-in costs (not including pet fees, if applicable) would be $2475, all paid prior to lease signing.Also, we would need copies of the two most recent pay stubs and photo ID for all applicants aged 18+ (I can scan at the showing) to begin the verification process, which only takes a few days.Since choosing a place to live is a very personal decision, please feel free to do a “drive by” of the property, located at 123 Main St, so you can get a “feel” for the neighborhood.

You also want a copy of their rent ledger to review the payment history and see if they paid a deposit.  

Would you be willing to provide a copy of your GC License, your Certificate of General Liability Insurance, and your Certificate of Workman's Compensation Insurance?

I'm ready for the next step, and excited to keep learning and more importantly, keep doing.Anyone have any tips on how and where I should find a copy or example of a lease agreement?

Have a copy of the utility bill and proof of your payment (check or credit card statement). 

Our new place is almost an exact copy and paste of our first 2 unit property.