It’s not for everybody.Realize also that for franchises (eg ReMax, Coldwell banker, Weichert, bhg, etc) it does cost the broker to have you.

It's important to remember that commissions don't go 100% to the agent as the brokerage firm gets a portion, there's franchise fees for using the brokerage name, potentially local taxes, ongoing expenses for realtors, federal taxes, etc.

Eg, E&O premium, any franchise fee, mls fees (if you need to join multiple MLS for your area since NJ as about 12), any desk fees, any other fees, etc. you may not know all the categories, but they are usually pretty up front of you ask them.

Fees to think/ask about are as follows:  membership due to your local Realtor Association (that gets you membership up to the National Association of Realtors)franchise fee:  if you are going with a franchise like a ReMax, Coldwell Banker, KW, etc there is generally some fee that you will payE&O policy premiumMLS membership fees (and also how many MLS's do you need, for example NJ technically has 12 MLS if I wanted to cover the entire State)after that there any brokerage fees such as desk fees, technology fee (for eXp for example, this is their big ticket item),The firsst three tend to be the big ticket items. 

Has anyone used franchises such as “real property management” or “Pmi property management” to manage their company’s?

There are larger franchise brokerages out there, there are discount brokerages, and there are smaller, boutique brokerages.

We have been speaking with a prop mgmt franchise company and based on my research and other franchise owners I've spoken with it's a slow grind.

Its a newer, "cloud-based" national brokerage (not a franchise).

I am so happy with them that I bought a franchise to sell their service.

Also, with a rental in Tennessee, you also open yourself up to franchise taxes that you ordinarily wouldn't have.The one thing you should be ready to hear is that you should NOT mingle the passive income from your rentals with the ordinary income from dropshipping.