I have been out of the landlord business for a VERY long time. 

In a smaller scale, this is why landlords try to collect as much money upfront as much as possible (e.g. security deposits, first month's rent, last month's rent, etc.). 

Make sure you check more recent landlords regarding on-time payments and any other issues (e.g. nuisance calls).

So if the rent is $1,000 per month and landlord is using a 3x, then they need jointly to be making $3,000 (it sounds like they more then cover).How they split it up between themselves is between them; perhaps the lower income person / lesser contributor gets the smallest bedroom?

Started rehab to landlord 16 months ago.

If parent company guarantee then the whole company would need to go under (all locations) to basically make the guarantee worthless.If it's a full personal guarantee on the lease then the landlord can come after them personally and they would have to file personal BK to try to get the debt to go away.

I'm trying to decide what the coverage limit should be for landlord insurance.

I understand I am not hitting the 1% rule on this property, but I am gaining experience as a landlord and so far have had a smooth transition with my inherited tenant.

All I see is an ex landlord who likes her old tenant and doesn’t want to lose her apartment after a sale

A classic buy and hold rental book is Landlording by the late Leigh Robinson, often in local libraries or very low cost used.