Hopefully questions like that and extra screening will mitigate some of this.For context, my wife and I just moved into our first househack.

As long as the tenant screening is strong, your turnovers would be minimal (not factoring in life altering event). 

There are budget contingencies of typically 20% depending on the size of the project.

I also think targeting new hires lets someone else do part of the screening process for you.

If you don't screen your tenants, don't take care of your property, and don't care what goes on, then you may turn into a slumlord.

Not every bed is the same size, and if you have more/less sq. ft. per the bedroom average, you might need to adjust (hopefully towards the positive). 

That's a tricky one, @Darren Greenwalt - there's lots of competition in the 4-5BR size, so you're going to be trying to separate yourself from them with your luxury amenities.  

If in the comprehensive it shows your use industrial use then check out the required rules such as; lot size, required parking, lot coverage, FAR, etc.  

Worst case scenario a large amount of savings and a good work history might get you in the door (also assuming the rest of their screening comes back good) rent for a bit, then get mortgage for home.

SFH's of that size in the area were more like $500.