Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

You also must be aware of the competence or experience level neccessary to be able to weed out the bad hires, avoid people who would just suck your business dry, and attract and retain the quality people who will make real contributions to your enterprise.

I can only recall 1 who, well I guess see is technically still retained because has not left market per say but is now looking to operate in other market, that's the only one I can recall.

In addition, housing will always retain some sort of positive value regardless of the market, and I'm looking to invest early and young (what was that story about investing 5k at 25?)

The key to staying in the game, is to "know when to fold them", and to recognize that time ASAP.For this discussion, if it was me, I would sell immediately if not sooner, take the very limited loss, retain the money available for rehab, and use it on the next property. 

You don’t retain it.

I retain control of the cash while I get a baseline for how the property will perform. 

An attorney will charge a large retainer fee to an out-of-state owner, so it probably isn't worth it.You should terminate this PMC though.

I have retained long term tenants (young professionals) and generate ~$600/month cash flow.

Or retain Portfolio Services with Portfolio Manager effecting the same.