Aren’t the $200* per month for cap ex and 10% I take out for repairs sufficient to cover those expenses?

Do you think the $1m for commercial property is sufficient?  

It is in the PM's interest to establish a sufficient density of managed properties in a given neighbourhood to support a routine check. 

And I know that legally an email or text notification which the tenant acknowledged isn't sufficient right?

The NOI (Net operating income) needs to be sufficient to cover the payment and some amount of spread.To make the numbers simple lets pretend the payment on the 50K mortgage is $500/month and the 70K mortgage is 700/month (these are likely high numbers) if the rents minus expenses (excluding mortgage) net out to 750 then the 70K mortgage is pretty risky since there is only a $50 spread and the 50K mortgage is much less risky with a $250K spread. if these numbers held up I wouldnt buy the property at all unless I could get a 60K mortgage with a 600/month payment and have a spread of $150 and 10K in cash reserves. 

However, if you can float the cost from your IRA and not lose any sleep over it, then I'd do that and just get it over with.

You don't stop to ask your buddies, you don't go get a haircut and you darn sure don't sleep on it.Here's a story about a deal that I did back in the early 1990's.

The tenant carrying insurance is not sufficient to cover you.

That , together with the pink stuff after, will stop the itch for 8 hours or so and you can sleep all night. 

On my townhouse if I would of hired the right guys to do the job I would have saved over $6,000, job done right the first time, sleep, and my sanity.