Top 3 reasons owners hire PMCs:1) No time to manage correctly2) No time to learn how to manage correcly: laws, documents, processes, etc.3) They're too nice and need someone to "save them from themselves"A good PMC can usually earn their fees by better managing the property/tenant than the owner, thereby:1) Increasing owners net profit2) Decreasing owner's time commitment, stress, headaches, etc.No matter what though, you should always plan to commit a couple of hours a month to manage your PMC.

Years go by and eventually Grandpa gets tired of fixing porches, nailing gutters and steam cleaning carpets that 'have a couple more years in them. 

I have spoken with a couple real estate agents and they are scared to let me have the agreement thinking they are breaking some kind of code of ethics letting me have it.

Hence the idea of a couple more properties, however, with much more units than I currently have per building. 

I love and use Triumph Construction - they're amazing. and looking to add a couple more folks for my contracts, such as HVAC, Electrician, and Plumber.

(I actually laughed when I first learned this.)10% property management fee (With separate charges for new leases, repair management, and rent collection—what exactly does this cover?)

I am looking for suggestions on how to structure a partnership (short term) that will benefit him but allow me to be dissolve our partnership after a couple years as he isn't interested in long term holds. 

Lots more wear and tear on the place too, as those couple extra people will likely either be kids or party guys.....Just my $.02....

From tax stand point I would think you can separate from primary and be okay with IRS being that IRS will not be local code enforcement.  

Everyone was just rolling with the punches there for a couple years.