Hi @Alens Fasti, are you planning to start your own brokerage, register with the MLS, pay the fees, do all of the paperwork and become your own designated broker?

It might not be a scam - in CA there are very low rates on PM.My friend has a rental condo for $1850/mo and her PM fees are $76 flat.

As I work everything out there are still some questions that I prefer not to get from Google.Is there an initial fee management companies charge new clients with preexisting properties besides the monthly percentage to manage them when starting new business?

You'll need to enforce late fees to encourage on time payments though and not allow them to fall so far behind like the previous owner. 

It states that he can break the lease at any time under these conditions… 1.He forfeits all deposits2.He must pay for all costs to lease the property to a new tenant (i.e. posting fees, rental signs, etc.)3.He must pay full rent until its leased again4.He must pay ½ months rent in an early termination fee.If it comes up again I intend to offer that to him as an alternative.There are about 9 months left on the lease, not sure why he would want to lose the entire deposit to go to another location an pay a new deposit and a pet deposit.

Basically I just want to be the investor, pay a small fee for it to be managed but in the event the borrower happens to foreclose then the property would still go to me because I’m the investor?

I'm guessing that perhaps you owe the property management company a fee, and that fee could come out of the 1st month's rent?   

If I were to flip this house I estimate I would clear $15K (after RE fees & capital gains tax) which would give me plenty of funds to purchase a newer vehicle.

We have also had issues where the occupant filed for BK and they were able to stay for 1 year and it cost us 10k in attorney fees to get them out.

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