However, my professor has been quite inconsistent on whether or not she includes water as a solvent. Do I typically assume water is present if no solvent is specified?
I think many of us are familiar with this particular complaint, especially in SN1/SN2 E1/E2 type questions. Sadly you often have to read the examiner's mind when it comes to solvents... Generally I would assume water is not present in a given reaction.
Broadly speaking, forming 5- and 6- membered rings is favourable. 3-rings form quickly (since entropically the ends are always close together) but are strained. 4-rings are pretty hard to form. 'Medium sized rings' (7-13-membered) are hard to form - entropically the ends are rarely in close proximity since there are many rotatable bonds between them, and these ring sizes experience 'transannular strain'.
As a rule of thumb, I would generally look out for reactions that form 3-, 5- and 6- membered rings; other sizes tend to be much less common.
Also, your product looks good, but how about stereochemistry?