With all of that being said, I am excited to continue to learn and hopefully get to know many of you on a personal level as we learn and grow together!

If the property manager uses a payment app integrated with the property management software to collect rent for the landlord, this is not gross income for the property manager.

But the level of negative cash flow that you're talking about is quite high and it sounds like it's not something you're comfortable with and thus should look for something else.

It's a big decision to self-manage.

Most property managers don't charge any markup.

Its really just management of the loans.  

Year long lease typically, with subletting allowed to offset summer months cost to tenant.I worked out some high-level math: Assuming there is a 6 bedroom single family house for sale for 800k, and I can rent for 6k/month.Financing: 350k cash, 450k loan @30yr, 3.8%.Assumptions: 7% vacancy/yr, $4000/yr repairs, $10k/yr property tax, $4k/yr insurance, 8% management fee+50% first month rent on new leaseMonth-to-month breakdown: Income: $6000 Vacancy, Mgmt fee, repair, taxes, insurance: $2300Loan PI: $2650I'd take home ~$1000/month. 

But appreciation in Detroit has been next to none over the last several years, and with entry level prices being under 100k it presents a real opportunity for investors!

The last time we refinanced an apartment, regulations required that we test radon in every bottom-level apartment, which was over 100 units.

Quote from @Marlena Hawkins: Does anyone know what insurance (liability, E&O etc.) is required for Property Management companies in DC and Maryland?