Late fees are charged automatically and show up on the account right away, so no-one can ever "forget" to pay them.

I modified and expanded it to meet my needs for each of my properties and I now have a monthly automatic withdrawal go into savings every month so I can build my reserves to pay for expensive things that need to be replaced/upgraded.  

Put the $1k in a DIFFERENT BANK than you normally use, and start saving with an automatic contribution to that account, so your subconcious doesn't "see" the money in your account and figure that it needs to be spent.Interest rates; yes, mortgage interest rates are likely to go up in the future, but so will your CC interest rates.

I automatically don't trust the companies who leave them off and only work with ones who do (far from my only criteria with a company, but it's a huge red flag). 

The tenants each can pay separately with their debit cards and it automatically gets deposited into my account.

Totally unfair as the banks would automatically begin to own all the prime, beach front properties as the home owners bail out and go into Foreclosure.

You should own up to your word and then in the future either hire a property manager or get property management software that allows for automatic payments and accepts credit cards.

.  ;-)  Lying is automatic denial.  

If I remove the s-corp election, does this automatically trigger a taxable event where I will incur taxes based on FMV?

"As is" generally is just a distinction that the seller will not Automatically pay for necessary repairs to meet FHA/conventional financing standards.