With good software available so readily I'd say nah, but you have a partnership with non-family.  

In 15 years of management and 20 years of investing, I've never had a break-in on a vacant or occupied unit.

Then the seller gets that exact amount for the property at times (it's a low percentage but it happens).

I do my own property management to keep my expenses low. 

Quote from @Dan Hertler: I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

New construction properties can qualify for significant insurance discounts, but otherwise, I generally expect insurance in this area to run a little over 1% of the property’s value if it’s in decent condition.Feel free to DM me if you’d like a good insurance contact to shop around for a better rate.

This number carries over into the two replacement properties.You don't mention capitalized improvements so I have to assume that your adjusted cost basis in the relinquished property is $230k. 

Property management is "a", as in singular, fee for all standard property management. 

Also, any advice on managing budgets for PPC in the real estate sector would be really helpful.Thanks in advance for any insights. 

Quote from @Geoffrey Paugam: I suspect there are many managers there, but maybe not any good ones?