Newbie Jumping in As Manager

[Ted Usatynski]

Hello Bigger Pockets
I am just starting my investing journey, and will be buying my own properties soon. However, an easy opportunity has arisen for me that I need some advice on.

I live I a condo complex near Denver CO. The condo next to me has been empty for a while. I reached out to the owner with an offer to manage his rental- and he wants to have me rent it out and manage it. 

So, I think it would be pretty easy- I live next door, the condo is only a year old, and it is in great shape. But I do have a couple questions:

1) How much should I charge for this (% of rent)?

2) How would I start to advertise, find comparable rents (I found one just up the street renting for $3500/mo)?

3) Do I need to have an actual company or can I do this as a private individual? Is there liability to me acting as a property manager?

4) Where do I find legal forms for the renters, and my contract with the owner to act as manager?

Again, I was about to get into the game as an owner and manage the properties myself, but this seems like a no-brainer and a great learning opportunity.

Any advice about how to jump in would be appreciated. 

Thanks Bigger Pockets- Love this community