Assuming the place could be rented for $2800 per month, is  the resulting $350 profit (based on all my guesses) enough to cover the things like putting money away for repairs and whatnot?

We decided to distribute profits as 70% for me, and 15% each for the agent and the contractor. - Do I need to setup an single member LLC?

@Lindsay ButlerHi Lindsay, I have invested in Franklin and did OK for my first flip (not profit wise though).

If you set up an LLC, you might be able to save in some areas, but pay in others (for example, here in California, we get to pay $800 a year just for the LLC registration, regardless if any profit was made).

This Operating Agreement will also spell out important things like how profits and losses are divided.

Up to 50% of profit?

But I feel that in a longer view it is more tax efficient and therefore more NET profitable. 

If you want to learn, and its sounds like it would be a good idea, consider reading some books like Jake and Gino's Wheelbarrow Profit and Crushing it by Brian Murray.These would give you some head start understanding more about the different between residential and Commercial mfr. 

And I haven't found that paying for a PM is profitable or scalable unless you can acquire 100s of SFHs or condos.

Houston numbers falling short compared to the profits I've been seeing from small towns.