Friend asked to manage his Condo in LA

[James You]

Looking for advice about becoming a property manager for a close friend.  

My friend, who lives out of country, has a luxury condo in downtown Los Angeles, which I currently live in.  I'm planning on moving out soon, and he has asked me if I can continue to manage it.  

The rent rate will be around $2500~$2600/month, and at 8% management fee I figure it can bring extra income.

I don't have much experience managing a property yet, but it is a field that I wanted to gain experience for my personal investments in the future. One concern I do have is that it is extremely tenant friendly here in CA, and I'm not too well educated with the details of the law.

My idea was to offer him 1) to get the property leased, 2) help to get a system in place between him and the tenant through PM sites like cozy.com, 3) receive a monthly management fee of 8% from the owner each month.

A lot of maintenance issues are handled by the HOA, and they have on onsite handy man who can help with small repairs as well. 

That being said, what would be the best way to structure this?