Um, this is a bit harsh and unnecessary IMO.

I have 2 rental coops which I purchased after the crash...and recently purchased a house in PA...for turning over a 380sf 1BR in NYC I got a quote for $1700 (grout and paint)...while in PA I got $4800 for a 2000 sf 5BR house...In NYC with that money you are a little fish and it is even hard to find contractors to come give you a quote...in general knowing what I know now I would go to PA, Upstate or the Midwest if I could do it again.Another factor...as mentioned by other is that with this money you are mostly limited to coops...It is quite hard to find those which allow subletting and for many of those it is even harder to get financing.Management is another issue that have to be considered as all co-ops (and many condos) will demand to approve your tenants causing unnecessary delays whenever there is a turnover.   

I've never developed real estate, and see the value in having someone to guide me who has done it before so I can avoid unnecessary mistakes.

Renovation mistakes, unnecessary costs, failure to keep receipts,...

Additional caulking, silicone, waterproofing on drywall, baseboards, flooring is unnecessary if you have remedied the problem.

The stress that I have added to our relationship because of my lack of action is driving us apart and putting unnecessary pressure on us.  

These questions are to educate myself and minimize unnecessary steps, if any to streamline operations.

I only want to insure the property to $200k -- any higher seems like unnecessary over-insuring to me.

So it would still be beneficial to put the 20% down and avoid the unnecessary insurance.

I know that trying to protect yourself is important, but sometimes I think that some of the things suggested are unnecessary and it gets pretty costly.