And the monitoring fee is $15/month, about half of what other systems charge for 24/7 monitoring.A separate wired camera system gives you additional functionality for significantly less money.

A separate savings account OR an escrow account.

@Cathy Leco I don't think there's any need to keep the fee in a separate account, though if you want to designate those fees as your personal "insurance" fund then you may find it useful to do organizationally.  

They are separate.

Solution to #2 – there should be a clause in the management contract that provides a threshold where any work above a certain amount requires owner approval (emergencies are handled separately).

Rents for $1750Mortgage and Escrow: $550Utilities: $450(high end)Property Management: $105Estimated Profit: $645Utilities Note: the gas and electric are not separate so its included in the rent.Would it be smart to hire the property management company right away or wait until we have five or more properties?

It's good that you've built that into your budget, but if this is a 4-plex then check whether the utilities are metered separately or together. 

If I do need a separate roommate agreement, do you treat roommate just like you would tenants? 

Action is what separates people who talk about real estate investing and those who are real estate investors.

A Renovation Builders risk policy (if it does not include Liability coverage we do a separate Liability policy)2.