Buying a 17unit with a friend, what to charge for managing it

[John W.]

Hi everyone, I'm buying a 17unit in the Buffalo Niagara NY area with a friend. Rents average about $500 (25% under market value), fully rented as well. I will be managing it as he is out of state and I have 10 years experience owning and managing rentals. I am deciding on the terms. I believe it will be a fair amount of work to manage and it is 5 separate buildings on one lot. 
We will be splitting everything down the middle. So all of the subsequent fee breakdown will end up being halved. My thoughts were to charge 10% of rents, $50 every time I have to go out to the property for some issues besides collecting rent. I will also do as much of the repairs and improvements as possible. Also, If any time consuming/costly repairs need to be done I will reach out to my partner and agree on a price and then we split the cost. 
What do ya'll think of that?

Thanks

-John