Would it be wise to send them an email strongly indicating that its not okay to make late rent payments continuously and that the co-signer needs to step in during these kind of circumstances?

It increases your risk and isn't a wise method of investing.Take the $1,200 a month cash flow and add it to your savings.

You might want to speak to a real estate tax pro about both of your unique situations tax wise, and the possibility of having a multi-member LLC set up for you.

Would it be wise to install a RING doorbell to monitor who goes in and out of the unit since I would be renting out by room?

I actually work for a mortgage company and am a loan officer myself but as I just started i'm trying to wrap my head around all the programs and markets.My broker doesn't focus on investors so it might be wise to find someone who does and learn from them. 

That is not a wise game plan.

So, your analysis is flawed.As already mentioned, S8 is a TOOL, not a MIRACLE.Invest wisely...

Pay using wise (dot) com and pay as agreed, typically every two weeks.

Regarding out of pocket for renovations, I have some friends that will help regarding labor and money wise, so that won't be any trouble.

Debt is and has been a tool to be used wisely, I wont do a deal more than 65% LTV or free cash flow me $500/mo.