A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

You need to log everything to protect yourself from any liability.Going back to your initial question--price is subjective.

However, since you put the asset into an LLC, I am going assume you care about asset protection and further this discussion just a bit.My advice to you is to seek out local banks where much of their business is derived from commercial lending.

Not a normal moderator who makes sure that people who post are posting according to the rules, but an advanced moderator that is an authority on all things that he doesn't do himself, and one that can protect the unsuspecting new investor from dangerous partnership structures and people like me, Jonathan, Don and anyone else you may have on your list. 

I respect you and what you've accomplished.i do suffer from a rush to judgment when someone who is in the business of raising money brags about 45% returns for LPs.

The big thing is always focus on protecting the public, disclose, and take care of people.

Here is my simple Top 5:1.Review the market – Understand the trends and conditions in the area.2.Analyze the property and the numbers – Ensure the deal makes financial sense.3.Visit the property – There’s no substitute for seeing it firsthand.4.Meet the team – Whether it’s your property manager, builder, or contractor, relationships matter.5.Complete inspections and appraisals – These protect you from costly surprises.If all these boxes are checked and the numbers work for your goals, then it’s likely a solid deal.

Also, take as many pictures as possible before the tenant moves in, again this protects you in case of damage caused by tenant. 

Now, I see you are in Seattle, which much like Portland, has extensive tenant protections.

They are designed to protect the seller (I have disclosed this), but not to substitute an inspection by the buyer.Sellers can only disclose what they have knowledge of.