As far as renting out the other unit is there a good place to find standard contract to draw up or is it something I should involve a attorney with.

Then add 30% to your cost estimate, which is a standard uncertainty factor in the construction industry.

Your first decision should be to determine your future not simply follow a standard path waiting to decide. 

Yes use a standard sale contract.

Beeen in Florida a couple years and I don't think that's in standard landlording.  

You talking just standard owner occupied loans?

But maybe the interest rates quoted are standard in your market.

Of course you will probably get some level of it, because it is CA, but for instance if it's just a standard level of appreciation right now and you get a mortgage on a property....you'd have to weigh how much appreciation you'd actually need to even just make up for the interest on the mortgage. 

If protection is your main thing just get an umbrella policy of 2 million, that along with the 1 million you would get through your standard policy should be good. 

Since each roomie knows how strict it was to get in themselves...they dont worry about incoming roomies not being up to same high standards.