Things happen unexpectedly and the 86$ dollars you would be receiving is not going to go very far.

I bought in october 2013 and the tenants only came in february 2014, I had unexpected high maintenance cost and excessive Bill from the attorney.

Sadly, Late 2012 my dad/mentor passed unexpectedly and I was thrown to the wolves.

In my experience, the longer I have held the lower properties the higher that percentage creeped and it was usually an unexpected move-out and extended vacancy that blew it out of the water.  

I take care of all the potential problems as soon as I purchase to reduce unexpected maintenance expense in the future.  

Dental floss, feminine hygiene products, condoms, diapers, cotton swabs, cigarette butts, coffee grounds, cat litter, paper towels, and other kitchen and bathroom items that can clog and potentially damage septic system components if they become trapped.

I'm not saying you have to be at the 2% rule, but any unexpected expenses, or if you miscalculated the rents by even 10%, and I think you'd be in a hole

What about major repairs that can crop up unexpectedly?

As we get further into a mortgage, particularly once you reach the tipping point where the principal portion of the mortgage payment is larger than the interest component, we are less inclined to make prepayments.  

Yes i'd file immediately but depending on the situation (sounds like she pays rent on time) I'd work with her to make payments especially if this was an unexpected $700 bill and not a case where she just hasn't paid the last 3-4 bills (If the latter then shame on you too lol).I word my lease so that overdue water bills are paid before rent so in this case she would be $700 behind on rent which would make it easier when filing court papers.