How does rentredi handle late fees?

However, in California, each LLC incurs an $800 annual franchise tax plus gross receipts fees if revenue exceeds $250,000, and property insurance may cost more.

It likely is out of date as to cost as this info is quite old (my guess is 5 years but it could be longer):- Rent Recovery Service: offers flat fee service starting at $20. 3 letters start at $30.

You'll want to look at their reviews, how they safeguard your funds, understand what their fees are, and how responsive they will be to your questions (do they work 9-5 only). 

These platforms typically have billing policies where you pay a per unit fee per month to the software and you get regular updates and support each month.There are a number of low-cost platforms available that are able to offer you a lower price by passing along some of the costs to your tenants (payment processing fees, applications, tenant screening, etc).

As far as whether to approach them with or without an agent - approaching them directly without an agent can save the seller probably 2.5-3% of fees, which give you some room to negotiate on the price, but you need to be confident that you are capable of evaluating the property value, estimating on the amount of work that is needed, knowing how to negotiate/ structure the deal, and navigating the closing process.

I guess they think these investors are accredited so a fee structure is a good model.

Spend a year learning and going to meetups before you fork over a $50-$100k franchise fee and half of your profits and don't even know what you are doing.

Quote from @Patrick M Nichols: Cogo is a total scam... lots of fees on the front end.

Realistically, to make the business work, they are hoping all the people who are using the "free services" to eventually go into banking where they can collect fees for anything bank related.