Maybe you could rent on the rooms as separate units, with the rest remaining a common space until you decide what you want to do with it for the long term.

It's no more deadly than the common cold.That said, with all of the media hoopla about it, are you seeing any impact on your STR reservations? 

There are a lot of holes here.You typically can not evict for late rent if the PM accepts the appropriate rent and late fees.A PM should not give 1.5 months notice to move out AND file eviction...it should be one or the other.It's common for leases to automatically renew month to month after the initial lease period. 

It also includes common forms that you can edit and use.Their web site is a free resource with links to your state law but I highly recommend the book for some of the practical advice they provide.

He said rates are ranging between 4.75 - 5.75%, 20 year amortization, fixed 5 years with max 80% LTV.I’m assuming 80% LTV is most commonly the highest ratio, correct?

The owner is quoting for 2900SF [adding 25% common area].

My question is how common this is.

The law requires you to give notice; it does not require the tenant to agree or be present.Any time you give them notice of an inspection, it's common courtesy to try and accommodate their schedule.

Heat and water paid by LL is very common. 

You need to be careful as "cold calling" has been grouped into a common understanding that rarely works of them just screaming as fast and as loud at the highest volume of people and that does not work anymore.