It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

I've got a long term tenant lined up & the unit is a non smoking unit, which the applicant is aware & fine with for indoor.

Maybe he's already charging above-market rates and needs to adjust expectations.I don't see the justification for spending $12,000 to install electric baseboard in four apartments.

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

Can you send me application? 

If you asked me to run a ton of properties, I would still be happy to do it, I may just charge a service fee at some point.

Budget Wisely:Make sure your budget accounts for the purchase price, the cost of the renovations, and any additional charges involved in flipping a house.

I only charge $500.

As always, this can be mitigated with proper screening of applicants by verifying rental history and contacting prior landlords about the prospective tenant's past.

I would get a couple of other opinions on the quotes that are coming in and what you are being charged.