It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.

That is why value creation and upward increase of rents is important.This is why I do not like Dollar Generals. 15 year flat rent and an inferior building in junk locations.

Or do you have one flat rate so long as the paw score isn't 0?

@Brody Veilleux, to say "cash flow is tax free" is, at best, grossly misleading and, at worst, flat out wrong.What is true is 1) taxes are based on net income and 2) cash flow does not equal net income. 

Yes, it cost me a brokers fee on the buy side, I list for $199 flat fee.  

Your expense ratio remains flat, and therefore doesn't really create much value in the deal.Compare your 2% rent and expense assumption to what most syndicators underwrite: 5% rent growth after an initial renovation bump; and 2-3% expense growth; and you get vastly different outcomes.As to whose assumptions more closely tie to reality is to be determined, but if you used assumptions more in line with what syndicators are using, I think you will find the return projections narrow dramatically, if not flip to SFRs.  

There are some onboarding fees which start to get steep once you add up all the other transaction expenses and the 1% annual fee, but I would hope the onboarding could go down or be a flat fee rather than a %.

Those guest protection policies for most other channel managers are simply priced as a flat rate <$100 per stay insurance policy.

Do you have a percentage (~15% of rent) or a flat amount (~$2K-$3K) that you use to estimate repairs/turnover per year?

Saying they disagree maybe the way to avoid flat out lying and saying "No" when the judge framed it as, "Do you agree?