Property Managent Agreement

[Derek Clark]

My neighbor is moving and wants to rent his home that is across the street from my primary residence. I have three rental properties in the same area. He and I are in discussion on me acting as the property manager for his house because he will be about 3 hours away. 

I would like to work out a deal with him because I would be finding the renters and basically handling everything as if it is another rental property of my own and I would make money of course. 

what advice do you have to set this deal up the right way between my neighbor and I? I told him that I would need at least 175.00 a month or 10% for it to be worth my time. The house would probably rent for around 2200/month it is in great shape. Am I asking the right amount to manage the property? 

thanks for your help!