I am considering doing this but should I charge a fee to write up and get the lease addendum signed?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

The PM fee is meaningless, 

Check out Norada Capital with a simple no fees structure and 12-15% annual yield depending on how much you invest.  

I am also trying to get my investment back so I can pay my Kids college Fee.

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

Quote from @Briley Roe:  yes those fees are very high as you have a broker fee and other fees for a loan little over $100k at 6+ points. 

Situation 2: You are paying for your brokers fee:In this situation the seller has declined to pay for a buyers broker fee.

No fees, no pre-pay.

@Andreas Mathews admirable, but make sure you do some research so you understand what a PM can make.Starting your own PMC business will require 75-150 doors to make a decent living, depending on gross rents and your fee structre.Working for a SFR PMC as a PM, will require a RE license and you usually get paid a percentage of the gross rents the portfolio of owners/properties you manage generates.