You could see an attorney or even better talk about it with your financial planner many have legal tech now that makes it essentially frictionless to get your estate work done and keep it updated.  

I will likely get approval based on my zoning.

Once the application is approved, we use Buildium to create a lease and email it to the tenant for electronic signing.

One common approach is to form a legal entity, such as an LLC, where both of you are equal partners.

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

Additionally, involve a real estate attorney to ensure the transaction aligns with legal requirements and protects both parties’ interests.

The last two hours were with the legal team at MR and they confirmed there can be no other up front charges beyond the one month’s rent cap.

Hey Deirdre,To address your questions:Providing freedom by handling day-to-day operations.Offering peace of mind through proactive maintenance and tenant communication.Reducing risks by staying ahead of legal requirements, tenant screening, and dispute resolution.Enhancing the bottom line by identifying cost-saving opportunities while ensuring tenant satisfaction to reduce turnover.Is the experience still important when the property thrives financially?

You may get EXTREMELY lucky and find one for 15% (if they get approval from management), but you will not find one for 5%. 

@Ryan Daniel  I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection in relation to real estate investments.