Frequently property managers work for a percent ofthe rents (on multi-units) or a flat fee that youyourself can say is such-and-such percent of the rent.

The (one) general partner (that would be you in this case) doesthe managing of the business in return for a cut of theprofits (usually 20%) or a flat fee.There are laws that govern how and whom you maysolicit to be a limited partner, and those laws aregoverned by the SEC and are way more strict than anylaw you've seen that governs real estate.It's a big deal.

okay, here's an example:we're currently negotiating a house in the number one school district in the statein a premium townshipin a specific area with absolutely beautiful homes around iton a .35 acre nicely shaded flat lotwith a sunset right in the back yardthat is in need of minor repairsthat looks aweful to the untrained eye - and i mean badthat smells like catswith hardwood floors throughoutin need of a kitchen redo (cabinet refacing)needs minor upgrades to bathroomneeds quick finishing walls in basement, throw down some rugsneeds driveway pavingHOUSE was a rental, husband passed and wife wants to sell it.asking price: 299,000 - as is - it is probably priced about okay for the condition it is in.Price we're negotiating for - 265,000 (maximum)Projected repairs - 23,000 (we do the work - 1 month completion)Projected Closing Costs (X2) - 28,000Projected Holding Costs - 15,000 (6 months - 8% 30 yr term - just a regular PITI)ARV - 395,000Profit - 75,000the above numbers are extremely conservative.

Whether a percentage of the sale price or just a flat fee?

In my research I have seen this fee be anywhere from 50-100% of one months rent on an apartment to a flat fee of $300-$500 dollars.

Any cash withdrawn is first allocated to your depreciation recapture and is taxed at 25% flat rate for federal and then what ever your state tax would be, then is allocated to your capital gain and is taxed at a maximum rate of 15% for federal and then what ever your state tax is.

i don't have too much money and i'm really anxious to start i just don't want to fall flat on my face?

There has been a slight resale flatting but that's where the deals are for invstors.

House sales are brisk in our area for the first time in over a year but prices are flat year over.

it's flat out robbery.