On the other hand, you stated that the management firm was charging 15% and had a 15k expense. 

I totally agree with you @Pat Aboukhaled! 

This is what I heard third hand, so not sure if it is true but i believe the person got this from the PPM which was noting where the monies were going. 

I am starting a total renovation.

Hands down one of the most efficient ways of learning the ins and outs of real estate investing without taking on to much at once. 

On the other hand, if you “just” break even for 30 years on your previous primary home with 5% down.

There are a lot of investors that want to get started and don't have the money to buy a 20 unit, but want more than a SFR, so they buy a duplex to quad.I only know of a handful of quads in my market that got cut up into 4 condos.  

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

AS Much as anything most folks in RE in that area simply rely  totally on them ..

I work with a handful of clients each year on the acquisition and construction side and help them make an enormous amount of wealth on top of managing their properties here in NJ.