Do you have a good relationship with your parents and are you comfortable collecting rent from them, addressing maintenance requests for them and things like that? 

.- Tenant Relationship Management: Property management companies act as intermediaries between landlords and tenants, handling rent collection, lease enforcement, and tenant communications professionally and diplomatically.- Legal and Regulatory Knowledge: Property management companies stay updated on local landlord-tenant laws and regulations, ensuring that all aspects of property management, including tenant screening, are conducted in compliance with legal requirements.In conclusion, tenant screening is a cornerstone of successful property management, contributing to tenant satisfaction, property upkeep, and financial stability for property owners.

Also, is this a one time referral fee collected? 

Long story short we do not have much protection in NJ, collecting full security deposit is a must. 

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with zero or negative relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.

In my area, courts will not allow you to collect the lease balance if the tenant breaks the lease.

Are they collecting enough to cover expenses while also building up a reserve?

If he files a transfer deed to the Land Trust or if he "sells it" then property taxes increase, the change in hazard insurance becomes a tangle.I wouldn't give authority to a bank person to collect rents, file evictions, deal with repairs... there are set up costs and on-going management costs.

Just simple record of properties, manage tenants, collect applications, track payments and expenses, maintenance etc. 

Collection services usually want 50% of what they collect.