We still end up doing a few things like upgrading appliances or installing recessed LED lighting and dimmer switches and other life-style upgrades to attract top-notch tenants. 

And I don’t know if they’ve ever given up a power they took or a fee they’ve imposed. 

-OOS investors rely on service providers like agents and PMs and think they're guaranteed an outcome instead of just paying a fee for a service.  

If anything explain that there is a fee on top of a lifetime charge (which on its own is kind of weird), but okay. 

Include the finish selections as well so they understand what is being installed (Carpet is cheaper than hardwood and if you install hardwood herringbone thats even more expensive).Then you have the general terms as part of the contract which are insurance requiremens, licensing, schedule, indemnifications, lien waivers, case of default. 

Common deductible expenses include mortgage interest, property management fees, repairs, and even travel expenses related to property management.

I use Buildium for tracking rent, fees, leases, and collecting online payments, but I don't use their reports for much, as I end up copying my online banking each year into spreadsheets.I've been using Rental Hero for the last hour and already impressed with it.

So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

Will end up costing around $120,000 once tile is set, bathrooms and kitchens installed, and custom cabinets/Doors/ and furniture are built; windows installed. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.