Insurance is going to protect you financially from lawsuits, damages, total losses, and other scenarios we can't even begin to imagine until it actually happens.You'll want to have a broker you can work with and trust that will make sure you're properly protected in the event of a loss.

The thing I'm trying to figure out is how to properly qualify as a RE Prof. 

On the other hand I don’t want to be cheap and losing money in the long run bc I’m not properly fixing things.

Proper time tracking and logs are critical for demonstrating compliance with this rule.I've only seen one person with a W-2 qualify for reps, and that was from a tax court case where people had to come in in person and attest to his hard work.

I would advise running your rents conservatively and vet property managers properly before signing anything.

Again, I primarily work in Portland proper (which, it seems like most of these folks responding aren't aware, is a whole different ballgame than the rest of Oregon). 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Saving $10 to miss out on proper data that leads you to a $40k deal is not worth it. 

Make sure you have properly served the notice and you have "Proof of Service" properly filled out. 

Take ownership of your mistake and learn to do the proper due diligence recommended above😊