I know broker fees are $500 so $12,500 in commission?

If the LLC and its income are entirely outside California, it typically does not require registration with the California Secretary of State (SOS) or payment of California Franchise Tax Board (FTB) fees, even if you reside in California.

However, federal securities laws and SEC regulation require providing investors with accurate information regarding investment risks, details, and fees to prevent fraud. 

Because it is an investment property, you would pay all fees, including appraisal.

@Orlando Johnson- If you were going with 6% real estate agent fees the $12,500 number is incorrect. 

Can easily get a 20% referral fee just for sourcing and handing off that lead.

Too many are locking up properties at retail prices and tacking on outrageous assignment fees, leaving no room for investors to profit.

When you add on your new lease fees, lock box fees, inspection fees etc. the percentage creeps far higher.

If you have any significant loss issues (frequency / severity) due to wind/hail in the recent past, you could see this minimum deductible set at $15,000 - $25,000 (per building). 

Both said the same thing to me (so I know a problem is brewing): "Nobody is allowed under the law to assist a seller in any way, while earning a  fee, commission, or profit from selling someone else's property without a license.