I haven't hit it hard yet this year,  trying my hand at pre-foreclosures.I don't use a CRM, I'm hand writing letters and reaching out according to a criteria I dictated.  

Here $10 is reasonable) to each unit's monthly cost for the work to handle this utility cost and associated billing and put this in writing in each lease renewal.

This should put in writing what the fees will be.What is your maximum LTC and LTV?

One who is active still and recently did a case study write up like this is Don Konipol, the other pops on every now and again and did a BP episode many years ago Aaron Mazzrillo so search those two names and read some threads.A more likely scenario is not what you mentioned as the ever growing note/value deal, at least not as outlined.

Will you "freak out" when you have to write a check for maintenance or eviction?

For a PMC to charge a renewal fee just to write a new lease is a BS fee though. 

One last thought is your likely going to be getting a larger depreciation write off with new acquisitions.

You keep writing; I'll keep reading (and enjoying)!

If you have questions, contact the residential tenancy office (write down who you spoke to and when in case there are problems).

(As I write all of that, I think Option 2 would be better, but throwing it out there for those with more experience).