While you are not required to have a property manager for your long-term rental (short term is a different story), you can only handle administrative functions such as making phone calls, paying bills, selecting a contractor, etc. and must be completely hands off. 

All they can do is take you to court.

I think contract law would prevail in court.  

More details/example fees: Management Fee: 10% of gross rent collected, $50 minimum per unit.Leasing: One full month’s rent upon execution of a leaseOther: 10% will be added to each invoice for any repairs, maintenance, improvements, landscaping, and snowremoval for the Property 50% of late fees collected $50 lease Renewal Fee $50 per utility turn on $25 posting 3 day notice $100 per court appearance witness fee $50 tenant removal with bailiff or police $50 to meet inspectors for housing voucher programs, occupancy certifications, and/or POS or rentalinspections Broker may charge to offset Broker expenses for postage, key copies and other misc. expenses $100 set up fee $120 annual consortium fee ($60 March 1st, $60 Sept 1St)Given all this, how do I input it when I'm making calculations for a potential investment (do I put this in as >10% like 12%, 15% or 20%?

Beautiful alpine meadow and mountain setting, surrounded by the Stanislaus National Forest - community features small lake, tennis courts, and more.

Read Mentor 1 post.Use the lookup function with my name.  

Once you have a short list, get an account with each one and run them through the wringer to see how they really function.

Never accept partial payments because it will not stand in court and the judge would honor the tenant, you could evict her if you didn't accept the partial payment.

In fact, numerous Tax Court cases have found in favor of the IRS when a taxpayer can’t document enough hours spent providing personal services to their rental real estate activities.Generally, material participation is determined separately for each rental property.

Quicken may have extended functionality but I didn't need it.