The rents are collected weekly instead of monthly, so there are more rental periods each year, but I assume expenses may be higher as well.Does anyone have experience with SRO real estate?

The guru I paid $40k to mentor me told me I could outsource everything and just collect a check in my mailbox each month.  

The one we are considering, Family Dollar just exercised lease extension at this location through 2027.

That said, unless the amount you end up losing is substantial it likely won't be worth going after with the cost of litigation and also the effort to collect. 

if my wife is paid 30% of collected rents to manage the property it will reduce my Schedule E profit.

If the work is not 100% complete by the end of the Escrow period, may implement a .50% (on total loan balance) extension fee that will cover an additional construction term of 60 days.

Rent collection and expenses can be managed through a separate business bank account under the LLC, even if mortgage payments remain personal. 

Collected first rent and everything going smoothly so far.

If saving more helps you put more down on the rental AND you want to buy quickly, consider that route.If you are slow playing your next purchase, maybe you go a different route.Personally, I do not mind being more liquid and collecting interest or investing in the market vs paying debt down, but that is me...

Your biggest risks are tenant defaults and rent collection issues.