You could see if he would go for a 60/40 split if you feel strongly about your contribution.Sounds like you couldn't do the deal without him, something to consider.I would keep the self management as a gross expense and then split net income after PM is paid. 

Zillow is feeding you a red herring to cover for the fact that their website is more dysfunction and gross errors than it is useful.I have two properties that are about one mile away from each other. 

.$216k, 3.1%, $1200/mo (Conventional Loan [refinanced from VA], no money down, 30 year Fixed Rate)BRAND NEW Roof ($19.5k insurance claim, cost me $1k), Newly fenced in back yard, Original AC Unit (Circa 2000)STR (Rented 10 months of the year while I was deployed)$27.5k Gross (~80% occupancy rates)$20.5k Net (Estimated, I don't have my tax returns handy)Monthly CAPEX (including supplies): ~$500/moSpeculative Potential: $32.5k Gross Annually (~$24.5k net)Based on the performance of my other STR, I could net an extra $4k on this home if I marketed better and adjusted my prices.

However, the net pay after taxes (shown on the pay stub) does not match the amount being deposited to their bank account, it is the gross amount.

The key thing with FHA is that any 3 or 4 unit property has to be self sufficient (duplexes do not) The basic formula is: (Total monthly gross rent x 75%) must be > the total monthly housing payment (P+I+T+I + MIP + HOA). 

So the way I understand it is that the total gross rent on the duplex would be considered income, but the banks usually only take into account 75% of that income to account for vacancy and the like. 

PM's cost 30% or more of your gross income, not net, but gross income.

Check ICSC ( International Council of Shopping Centers ) website and directory for a tenant rep leasing broker.You have to find a broker that really likes commercial leasing because not much money in it compared to transacting.I don't touch property management or leasing broker.200,000 gross income center to manage at 4% fee is 8,000 a year if principal broker keeping it all.Leasing a Starbucks tenant to a center maybe make 15,000 to 20,000 commission.Sell a retail center for 3 million maybe make close to 100,000 commissionThese are amounts for principal broker for their own company an they keep it all pretty much.

I stopped by to try to snake it, which she also tried and while it snaked out some grossness (as should be expected with a clogged drain), the water still drains very very slowly. 

While most folks chase gross profit, there are still many that value take home pay above all else.