They collect the rent, deduct their fee and any other expenses they are allowed/required to pay on your behalf, then they distribute the remaining funds to you.It's critical that you review the property management agreement and understand what you agreed to.

Do they charge any fees in addition to their asking price for properties?

Keycheck charges a yearly fee the last time I checked (2 years ago, or so).

Time the Sale Strategically: Selling the property in a year when your income is lower can place you in a lower capital gains tax bracket, reducing the tax rate on your gains.8.Deduct Selling Expenses: Costs associated with selling the property, such as real estate commissions, legal fees, and advertising expenses, can be deducted from your sales price, thereby reducing your taxable gain.9. 

Even if they pay late sometimes, you have a late fee to compensate you.

(Taxes, prepaids, attorney fee, origination fee etc) So let’s assume your acquisition cost is $227500.Cash flow is income - expenses.Expenses are PITI, vacancy (5% of rents), capex (5% of rents), repairs (5% of rents) and property management (10%) of rents, plus lawn maintenance, HOA fees etc.

Choose a reliable property manager with solid tenant screening, monthly management fees, and average vacancy rates.

Tenant B has the option to enjoy W/D for a set, flat monthly fee.

Turn over cost when your tenants leave (check leases), marketing cost to add to the placement and monthly fees from PM, and utilities if those are provided by the landlord.What's your exit strategy?

@Gisell Garcia I've used apartments.com, which is currently free and ERentpayment.com, which charges $3/house or $10 flat fee.