Just want to add one more: considering prices have been up significantly, I would take a grain of salt on the COMs. 

For larger Multi-family assets (100+ units), the fees are typically in the 3% - 4% range, plus payroll (leasing agent, prop mgr, maintenance, etc based on needs of the property).As @Theo Hicks mentioned, there are add-ons like a construction mgt fee.We also sometimes see an employee discount for those who live on the property.One way to increase the PM revenue is to put in a bonus structure where if you help the owner achieve X, you get a bonus.

But if the LLC owns 5 property, there will be only one account.In addition to the one account per owner, you may want to add one savings account per owner to segregate some reserve that you are making for taxes or repair.

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

Do not go with Shawnee property mgmt - we ended up renting/buying the house we moved into that they had (it was part of their family portfolio and we saw potential in fixing it up and the school district it was in so lived with it but until we knew we were staying in it and would buy they would hardly respond to anything - a couple times the AC quit and I was at work/wife was at home and it was 90 plus inside the house, when we moved in the house was completely filthly and had not been cleaned at all - walking around on the laminate floors your feet would be black in about 5 mins due to all the dirt - bugs/spiders everywhere -- House needs completely rebuilt and is in a great location - quite frankly house is a piece of crap but it's what we could afford and I felt comfortable buying not to mention I believe it has a ton of upside in just cleaning up the 6 acre lot, we strategically add on to the house and rebuild it and the sky is the limit - but they were completely non responsive and check out their google reviews - they are accurate)I'd heard from some of our employees that either WCW  or RMS (I probably have the initials wrong on both but it's close enough) were good - one of those 2 have good reviews online and whichever was the good one the employee mentioned they had rented from/through them for quite a while and had been having a good experience and responsiveness if anything was ever wrong.In WIchita I manage my own stuff and manage a couple of properties for others but my younger brother does/has lived in a rental for a couple of years that is managed by Cedar Mills - he's had a pretty good experience with them - I was also at his house in March when the UFC fight came to town as I stayed the night there  - anyways long story short on Saturday afternoon around 4pm there was a ghetto rigged sprinkler riser pipe buried in the ground in front of the water hydrant (the homeowner did this when they lived there)  - my brother didnt know about it as it had some sort of rotted piece of plywood covering it up - he stepped to shut off the water faucet and broke through the wood breaking the riser - it didnt have the proper shutoffs on it so we had to cut the water at the meter to the house - Cedar Mills had a plumber out at his house in a couple hours to fix it and - I was actually impressed - I'd have a hard time pulling that off on a Saturday that late.

If I were to purchase in Garner I would likely finish a garage, attic, add on to the existing dwelling, etc.

In my experience, the advertised rental rate matters a lot to get your unit rented, and when you add on more services/utilities, you need to charge more in rent.

@Edward Prochilo@Darrell Shepherd@Alexander FeliceWelcome to BiggerPockets, and no equity deals.There is very little for me to add on top of what previous posters have writtenHere's some rules of thumb90% of value is where you start when you buy so you to if the property is in perfect shape and great location, why?

I would make them renew the lease, for another year and add on to the deposit.  

I have, on some occasions, had my agent add only 3% to the commission line.