10% is probably a little steep, and like John said, a flat fee may be more reasonable.Setting up a proper STR is not cheap, but once you are set up properly, you deal with routine breakage.I recommend managing yourself and saving the 20% personally, getting a rockstar cleaning team and a reliable handy person, using something like Hospitable that can help automate messaging when listing, and reading the book from the bookstore here called Short-Term Rental, Long-Term Wealth.

Exterior didn’t need much – sharp new accent color for exterior doors, and other aesthetic enhancements, plus some upgrades on roof flashing and weatherproofing.We discovered that the ground level water intrusion was because a huge crack in a sloping sidewalk next to the building was funneling all the stormwater right over the sill, into the onsite-manager’s unit.

Most your leads are going to be investors who want a steep discount anyways and they may factor in the savings in commissions (meaning you technically aren't paying but it is still factored into the price). 

It's because he had a willing and able buyer who planned to purchase the property at a steep price of $950,000.

The roof was redone in the last five years The ex (20% ownership) is willing to go with whatever is negotiated. 

Sometimes the HOA can cover capital expenses like roof and exterior, so that can help cash flow as well, but the HOA might increase the dues when they have to pay for capital items.

HVAC, Plumbing, Sewer, Roof leaks, etc. 

I love to purchase simple 3/2 homes that are a little older in good areas with somewhat newer mechanicals, HVAC, Roofs, etc. 

Without my job I couldn't have done this because sometimes they might need a new roof or other work.

Plus, with your tenant experience, scaling up with more units under one roof makes sense!