If i choose to start accepting investors into our projects, what do I need to do to cover myself and my company from a legal stand point?  

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?

More people looking the more ground you can cover.

Even if it was, it would be 10x's the cost of what the mortgage company would charge for the 15 days.The mortgage company's insurance policy incurred the risk of covering your property while you were uninsured. 

They may or may not cover over another company's policy. 

A few are below in no particular order.Grocery store checkout magazine barometer - if Time, People and those other yappy magazines start having cover page headlines about new stock market strategies, "new economy" stories, "how to invest in gold or real estate" stories and so on, proceed with caution. 

Could I use private money to cover those costs?

That means the rental income covers the associated mortgage PLUS the cash that exceeds the mortgage and expenses helps pay other debt

It is "the yellow book" covering all the basic rental practices and even imparts the unique landlord sense of humor you will develop over time  (via the funny cartoons).

It takes almost 30% just to cover taxes, insurance and management, let alone any maintenance, repairs, or capex expenses.So many reasons why people should do their due diligence.