On one hand you if you feel comfortable you would be able to collect the broker compensation on each deal minus your expenses.

For example, one person may be the leasing specialist while some one else deals with the day to day collections and phone calls.

Also, any resources to learn how to do creative deals wholesaling? 

To me their value is in chasing down late rent and collecting late fees as well as being willing to post notices and arrange for repairs  In Minnesota I paid a full month for placement, but then just $89/mo on $2700 in rent.

What monthly percentage does the management company typically collect from the monthly rent?

Very common for people to group together to meet all the requirements.If you PM me I can send you a list of resources (books, podcasts, white papers ect) that have been useful to me in learning about the apartment business.Cheers

Typically it is illegal, or very difficult to collect interest on security deposits.

All of this is to say, Ive been investing time and resources into my financial IQ as “Rich Dad” would put it and found BP.

I'm using various books, online resources and the Bigger Pockets podcast (half way done!) 

I'm wondering the best way to handle applications and collection of application fees, as well as selecting the most qualified tenant.