Use 10% ($250) for now.Using 10% for CapEx is fine for initial Pro forma analysis.  

I would also get some legal advice form a Real Estate attorney and not just an Attorney as to how to proceed. 

I would budget closer to 12-15% of gross on your pro forma because no matter what the PM % is, they will charge by the hour for everything "above and beyond the norm".

Conservative pro formas are possible if you are really familiar with the market and costs involved, but too often overestimated.The fastest way to make money in RE is to throw lots of money in it, if that fails, thow more money in!

My sister and I would like to form a new Family style business in and around Boerne TX.

Hi All, Does anybody have any referrals or might be a layer in the Long Beach, California or north OC costal communities that can help me form a joint venture partnership (we're buying a duplex)? 

I've begun to model out a land acquisition and MF development pro forma for a 7 unit, 8000rsf apartment in San Diego.

What you could do is form a team under a broker like KW and have commissions split among the team.

Taxable Value 75,830Purchase 50,867Tax 1986.70Vacancy 10%Repairs 5%Capital Expenditures 5%Property Management Fee 10 %Investment results: Purchase Price: $50,867.00 Purchase Closing Costs: $3,000.00 Estimated Repairs: $0.00 Total Project Cost: $53,867.00 After Repair Value: $70,000.00 Down Payment: $10,173.40 Loan Amount: $40,694.00 Loan Points: $0.00 Loan Fees: Amortized Over: 30 years Loan Interest Rate: 5.000% Monthly P&I: $218.45 Total Cash Needed By Borrower: $13,173.00 Monthly Income: $700.00 Monthly Expenses: $643.95 Monthly Cashflow: $56.05 Pro Forma Cap Rate: 4.71% NOI: $3,294.00 Total Cash Needed: $13,173.00 Cash on Cash ROI: 5.11% Purchase Cap Rate: 6.48% Really, I know it’s not a great deal, but it’s a property that I can buy into for cheap.

If you find you work well together, then you can always form a new entity together down the road.