I have experience updating policies and procedures as a previous government employee, so I can work my way through that.

This can prevent two extremes: under pricing below market and over pricing and having an idle asset.I believe this method will provide a proxy rent strong enough to do deal analysis with, particularly in a well diversified portfolio.Let math do the heavy work and massage as necessary for finishes and how fast (or slow) the unit needs to be rented.

Let the current tenant know you are not in a position to help support her without the two bedroom voucher.When or if the time comes that she is late with the rent then follow the necessary procedures.

For the 20-30% you give to a broker as an agent, it makes no sense to me to take on all the legal, procedural and reporting requirements, let alone add’l liability  of being a broker.

Also, I have found it challenging (depending on the tenant) that the payment of rent and requests for repair calls may be confusing for the tenant depending upon new procedures.

Is this normal procedure?”

One thing to go along with offers with expirations that Charlie has mentioned...in MA they are standing operating procedure.

There should exist a 24-Hour-Notice-To-Vacate procedure for special cases such as: imminent threats, reckless endangerment (causing serious risk of injury to someone else on the premises other than you), inflicting substational personal injury ect. 

I looked in to having my own property management company because I work on my own (about 20), and now that I have the processes and procedures down, why not do it for other people too!

Being new you will have a lot on your plate and need to implement systems and procedures in your rental.