Our current manager is in Huntsville and it is becoming clear that we need someone more local to Cullman who can be on top of showing our listings and taking charge of maintenance and repairs as needs arise. 

Once we changed to charging a fee, proof of ability to close, good income, a sizable reserve and reasonable credit, the students not only started taking the training seriously but actually began buying properties for their retirement.

With an invoice showing "no charge" for fixing the cupboard, this hopefully can't happen again if a contractor changes did mind or has some type of mental lapse.  

Of course they are going to have bad credit or they would be looking in a better area.Another thing you may want to consider to drive more applications is to not charge the application fee.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Once the tenant moves out you are allowed to charge any amount you like.

Is $107k your true net, or do you have any other expenses (mortgage, taxes, lodging taxes and fees, insurance, utilities, landscaping, WiFi, etc.)?

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

This is straight from the CFPB website: "Additionally, for 60 days from the date your loan servicing transfers, your new servicer cannot charge you a late fee or treat the payment as late if you sent it to your previous servicer on time or within the applicable grace period."

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.