I feel like I am fairly well-educated on the main items such as rental income and capital expenditures but also don't want to miss anything. 

Also major CapEx expenditures.  

I live up north and can drice by your property if needed, this is crazy.Secondly, you should have a provision in your contract that mandates they get approval before any expenditure over X$.I don’t know the other side of the story, but based on your comments, you have been had.

It doesn’t make sense to decrease minimum expenditures when you can increase income at a much higher rate

What if you spent that 5 minutes at the house examining your expenditures and noticing non-essential spending habits?

If you are a RE agent spending that much money on marketing every month, what are the demands to exceed that expenditure?

That is how I liked it.The only thing I approved was expenditures over 300 dollars.

@Ryan Guffey Use stessa.com app (free not sure for how long as it's recently acquired by RoofStock) It can pull transactions from bank, convert receipt sent from email transactions, and many cool reporting feature such as income, cash flow, capital expenditure.

The bigger issue you might find yourself in is potential evictions and the expenditures that go along with it.

And the captial expenditures I would have saved by that time would not be sufficient enough to replace them.