They usually collect all docs upfront and then underwrite once the appraisal is completed.

It offers a lot more than just rent collection.

I looked into the maintenance option years back to discover a trend of:  apx. 8% monthly fee which only included rent collection (everything else from maintenance to turnovers etc, extra, and poor reputation on repairs.)

PM's will keep all late fees, they hold the security deposits so they collect all the interest on security deposits. 

You'll spend more chasing them than you'll collect.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

So by spending $42k I collected an additional $75k over 5 years, and then sold the furniture through a consignment store collecting $8k as my share.  

We plan to share ownership of the property as I am going to invest my money into developing (building a Detached ADU in the back) and re-modeling the property so that we can collectively sell it for a profit.

When you can borrow 80% tax free and continue to collect the income?

You will be paying 6-10% for just having them collect rent.