You sound way to young and highly compensated to be considering leaving the 9-5.

So in summation, you fund the entire deal while he does all the labor (up to YOUR standards) and he is compensated with 33% of the monthly cashflow into infinity.

If the water bill is $100 a month, increase the price by 20% (or whatever you decide is fair) to compensate you for the time required to split and bill and to cover additional use when tenants squander the utility.

What I'm really trying is to be compensated for the shortened life of the floor to offset the cost of a new floor in the next handful of years when the seams begin to chip and the whole thing will need to be replaced. 

You just want your winners to more than compensate for your losers.Others will debate this, but I analyze a typical property as follows: Vacancy 7%-10%Insurance (specific to property type and location)Maintenance 10%-15% - yes I lump all repairs and cap ex in one bucket.

In addition to the Management Fee, the Manager Compensation for supervising and administering any and all expenses incurred in any way related to the property (including, but not limited to maintenance, repairs, capital improvements, non-recurring expenses, minor alterations, insurance claims for loss to Property, and insurance proceeds received for a loss to the Property and its repair):a. 

If assessed values increase a lot, they can go down to compensate so folks aren't overtaxed.

Your recourse for compensation is small then small claims court:(c) Normal wear and tear.

They are providing you a valuable service and deserve to be compensated, but see if those fees make sense.

Aloha,Definitely go after compensation.