I pay them before I eat. 

May hotels and small business get back on their feet, and may all people everywhere have something to eat!

Poor management and high fees can eat into cash flow2.

These tenants will eat your lunch. 

If they're just entitled kids being kids or it's one of the psychological problems dealing with a landlord I described above , I would probably eat the cost, despite it being a bit more than I usually pay per unit for a refrigerator.

Why should you eat that loss for the convenience of the renter? 

The sound and odor likely to come from the bathroom into the kitchen while you are eating is guaranteed to be unpleasant.

However, now that i've actually spoken with and researched PM companies, I find that PM fees are closer to 15-17% when accounting for annual/biannual inspections, lease renewal fees, and placement fees and this really eats into the cash flow on the majority of deals. 

We had an inherited tenant with small dogs that used the carpet so much that it was eating into the concrete.

If you are buying a condo for an investment, you might want to reconsider this strategy as the fees eat into your cash flow.