A separate written listing agreement is required which sets forth the duties and obligations of the broker and the seller.Buyer’s Agent: A buyer’s agent works solely on behalf of the buyer to promote the interests of the buyer with the utmost good faith, loyalty and fidelity.

Get out there and take risks, have balls to ask for money or information, present yourself well, and you'll be all set.

You set the expectation with her that she would have an actual yard and you have failed to meet that standard.

Then the next step is a collection agency and they take a % and if it's small some agency's don't even bother.With your next renter set your rental criteria so you can screen potential renters that will qualify better than the old ones.

Before you set it up I would advise assessing your own resources (time, capital, skills) that you can provide to the partnership and anticipate what you think an ideal partner would also bring.  

Should I put a percentage of my rental income aside or should I pick a set amount?

Having to fork out the money for one of those early on can really set you back.  

Or is there something you can set up with the bank and show them proof that the funds are there in a separate account?

We are set to close this month and are trying to learn everything we can about management.

With some cash, some education, and the right mind set opportunity will abound.