They know you as the owner and will respect you much more.

You're passive in this respect, and your ability to take losses is limited.2.

You're effectively looking at how "efficient" your rental is performing with respect to rent charged. 

If the rental income is 1600-1700 your ROI jumps to 10% or 14% respectively.  

Respectively, you budget is unrealistic and will cost you more in manual labor to keep up with communication than you might spend a bit more on a more complete solutions. 

Looking to establish my brand by building knowledge in the game, networking with awesome people, as well as getting good at creative financing. 

@Edwin Ortiz Step 1) Google map search look for small banks and credit unions just like you plannedStep 2) find what looks like a small bank with as few of branches as possible Step 3) go to each respective website and find banks with 3 or less branches.those people will be very agile and look at the nuts and bolts of what what you got.

I have also spoken with other investors that get consent from local/Regional banks they use but its always after they've established a relationship with the bank for some time.  

One of the quickest ways to be successful in any endeavor is to find an established proven model and copy it.

Make things clear with your contractor and establish ground rules up front3.