However, if vacancies do occur you are at least covered for one month.5% is okay for Maintenance/Repairs.1% for CapEx is crazy!  

Hopefully all your housing costs are covered and you can make a little money.

Only thing I can think of is possibly use some of that extra money to cover closing costs or perhaps use it to improve the property? 

In fact my out of pocket expenses were only to cover what COULD have been appliance malfunctions in two separate appliances and a shattered toilet.

There is an awful lot to know, it would take many volumes to cover it all. 

I would be saving money from my day job to cover those expenses.

If the lease states the landlord covers the utilities you must honor that until it expires.

This will only cover about 15% of the property but it would be ideal to pay it back after I finance the property.

I understand that the owner does not want to sign a personal guarantee for the full exposure, but maybe you can negotiate a discounted termination payment for 12 months that will cover all or most of your financing until you find a new tenant.

You'll have a hard time cash flowing (cash flow is not equal to $100/property, which is barely enough to cover unexpected expenses/vacancy) in the GTA because the market is over priced.