We have honed in on a great property with tons on potential here in Richmond, VA.

You can still find solid investment properties at reasonable prices, which can lead to strong cash flow.Diverse neighborhoods: Cleveland has a wide variety of neighborhoods, each with its own character and investment potential.

I want to be able to find potential markets/listings nationally based on the return.

We have specific and unyielding criteria for this, which we provide to all potential borrowers in advance.

The impact of not having F/f financing is large (>10%) if the appraiser recognizes this potential issue.  

I've been trying to save up for what could potentially go wrong like cap ex things.

She’s currently not paying rent, and while she has some health issues and no stable income, she’s been communicative and open to general talks, with a possible option to vacate through a cash-for-keys arrangement, though this might take around six weeks and some hard work.I plan to rehab the property and eventually rent it out, potentially to a Section 8 tenant.

Is saving the fee a PM charges worth the potential thousands in cost and headaches?

I've never heard money/profit described as cute, so it's not important.The most important thing you mentioned, was the rent potential and ARV. 

(and potentially get a better deal with PM cost should we employ one).