If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.

And with all things considered, I would want someone to have equal amount of skin in the game.

Renewal Fees are a vital part of a Property Management agreement. 

I'm sure the "my opinion equals 'reality' for everyone on the planet" attitude was also common among your grandparents' generation when you were young, a long time ago, and you probably rolled your eyes just as hard at their smug self-importance as we are now.

While a good list helps, talking openly with tenants about property expectations is also vital to prevent unnecessary damage.

In the year that the investment property is sold, should the cash flows include not only the cash inflow from the sale of the property but also a cash outflow equal to the mortgage balance on the Balance Sheet at the time?

, or my all time favorite, an amount equal to what they “would have made’ had they invested in Apple stock in 1986 instead of purchasing their home.

We'll both chip in equally for the costs and expenses of the acquiring the property (looking to buy an apartment with a value between 500k-600k in Chicago) and live together for a few years in it.

All else equal I probably wouldn't. 

Street lights, pot hole maintenance, water quality, sewers and hospitals... are vital to safety and the value of your real estate.