Quote from @Sami Gren: I start by making the original tenant fill out a form requesting to add a new renter, and they pay me a $50 processing fee (I charge a $50 fee any time I make changes to an existing lease). 

Some investors are comfortable buying for appreciation or with the expectation that rents will grow at a faster pace.

In my market most LTR PMs are charging more than $200/month to manage individual units.But let's ignore the work involved in building and managing the unit

Keep in mind, you are NOT in charge!  

We also use Rental Guardian and add the charge to each booking so essentially the guest is paying for their own damage insurance.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Generally speaking, if you borrow money at 7% interest and your investment is earning a 10% return, 10% - 7% = 3% and you are not growing faster than inflation.

Not many landlords buy their rentals this way. although with all the guru training many are trying and we will see how it all works out.it takes sales skill to talk people into deeding you their home.. this is a highly charged emotional situation..

I'd also find out who handles the listings and what they charge to do it.

For example: This month they charged a full month for tenant placement fee then, the same month, they charge a PM fee.