But some advice already said.1) Learn how to reduce your expenses2) Pay every month like you would be a tenant 3) Find other ways to make additional money - does it have a guarge, maybe rent that out for extra cash flow? 

Make sure to have thorough inspections done and factor in extra reserves just in case.

My goal is to keep things clear and flexible: I’m considering a setup where I offer my services for 2.5%, but if the seller offers 3% or higher, I keep that extra difference.

You could then get more sophisticated and factor in refinances after 5-10 years and how that money could be re-invested into acquiring extra units. 

A few patches might give it those extra miles without throwing money at a major repair too early.Think of it as using each part to its full potential before moving on to something new.

So it would be the same in some cases, but at least you would have extra funds available.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

There are quite a lot of repairs or daily requests from guests, more bookkeeping due to consumables, extra utilities, pool service, lawn service, internet, etc.  

If you have extra cash, then do it.

If he hates managing he needs to hire that out and then use the extra time to start flipping.