Otherwise you will have that money will be tied up on just one property for too long.A tip I would give you is to consider the market you are entering because it will tell you what exit strategy to use.

I've been looking for an audience to discuss my expertise with for a long time now, and Bigger Pockets seems to be just that--a community of savvy and sophisticated investors dedicated to providing information and advice to each other and the newbies entering the industry.

Also, they may not enter into a property without consent from the owner (in writing).

Enter the idea of seasoning as it is used in discounted loan discussions.  

Would we split the profits somehow or would the realtor and I have to enter into some kind of an agreement on paper?

At sale, you likely got a check (money entering your account). 

I don't think it's required that you enter your phone number in the Craigslist ad form.

I entered into agreement with my property manager as an LLC.

You enter everything exactly as the statements are listed.So you will enter your Closing Statement showing all the expenses giving you the grand total then putting a minus sign next the credit entries, and then your check that you made for $7,000 should equal the amount showing on the check.

I always simply ignore the "property occupied, no trespassing,illegal to enter