Julian, you sound like my husband and me trying to prevent scorpions from getting in our AZ house in the mountains, LOL.

If your loan has a clause that prevents you from using it as a rental, a lot of people would be in trouble. 

It's like when crocs first came out they were the weird comfortable shoes/clogs then people started wearing them more places then the market got saturated and they fell off hard in around 2008. 

I don't know if the builder can prevent you from marketing the contract but if allowed I would start investigating sell it and walking away with some extra $$$.  

In my 15 years of Property Management experience, I typically see that the tenant is responding for reporting leaks and water intrusion immediately  in order to prevent any growth, but the remediation typically falls to the owner.

No evictions, no searching for new tenants, no CAPEX, no building inspectors breathing down your neck, no Fair Housing "testers" or lawsuits, no clogged toilet calls at 2 AM, none of the infamous "3 Ts" (toilets, termites and tenants), etc.The trade-off is that you don't own the building and therefore don't have the appreciation in the real estate value. 

How much is reasonable  for  quarterly preventive pest control treatments for three units?

Since we’ll be renting it we want to put it in an LLC but are concerned that may prevent us from taking advantage of this 2-out-of-5 year rule?

She makes her rent payments through PayPal, so there's no way to prevent her from sending these payments.

Screw down your art work, bold your beds to the wall and do all you can to prevent damage.