If it's determined that you are not a tax resident of Canada you would be able to benefit from the lower US tax rates and additional tax benefits such as the use of 1031 exchange, and accelerated depreciation.If you would like to discuss your situation in a bit more detail feel free to reach out to me directly, I may be of assistance.Thanks, Elliott

Yep, sewer back up is an additional rider, some buy it, some don’t.Seepage and/or sump pump failure is likely not included.

Additionally, you could charge a penalty fee and take it out of the tenant's deposit if they go against the agreed upon terms. 

In the future, you can have your tenants add you as an “additional insured” on their policy.

would an FHA loan give me any additional incentives as a first time home buyer rather than a normal mortgage?

In addition, I informed her that I would be using Smart Move to run a background check and credit check.  

Because of your credit score and desire to borrow additional money for repairs/renovations you would want to use an FHA 203k loan, as you already know.

Will I be needing any additional forms for this as how can the owner sign a lease option if I or my buyer doesn't even own the property yet?

Check out MeetUp.com for additional investor meetings.

I'd in addition to reading, you'd want to surround yourself with like-minded investors by finding the local REI clubs via meetup site.