If the former, note per Union City Rent Stabilization ordinance (https://ecode360.com/15397000 is a slightly outdated version), "the terms of this chapter apply to individual dwelling units within a building, including condominium or cooperative units in the process of being converted, or having been converted".

They didn't really explain what the 10% fee included. 

There are the same so-called owners under four different names including governmentauction.com and it has nothing to do with the government.

And typically long term rentals don't make it easy to include property management fees into the numbers and have them still work well.I would consider looking into STR type areas where you can avoid the risk of property damages (str and pm insurance covers almost everything that they might damage) and evictions/collections.   

The key rules are as follows:1) Syndicator MUST have significant skin in the game, including 10% of the money raised in the first deal, 8% of the second, and 3% of the third2) The only fees allowed are 5% of revenue for property / asset management, which is enough to put food on the table, but not incentivize people to just buy, buy, buy3) The only compensation is 20% of the profit (less on the first 2 deals)4) Rapid acquisition is not allowed. 5% Is minus all operating cost correct ? 

Deductible expenses include a proportional share of mortgage interest, property taxes, insurance, utilities, and repairs.

@Eva Sha - Yes, I generally advise emerging developers there will be anywhere from 5%-8% in closing costs (depending on the size of the loan), which include lender costs/fees, attorney's fees, and title fees, plus any other consulting fees.

Two sides of course, as a home buyer you need to do what's best for you and if anyone (us included) can't give you that then we would be the first to tell you. 

The analysis is targeted to small time DIY landlords with 1-5 properties with minimum requirements to be able to do the following tasks online:  Listing/Syndication, Applications, Screenings, Leases with eSignature, Payment Customization (i.e.

You've laid your case or lack there of out for anyone to include the opposition to see.3.