Problem with such an inexpensive property is that those costs will likely be higher as a percentage of rent.

If this were an SFH, I'd suspect a larger-than-usual percentage would be assigned to the land.However, there's not much we can do with the land - it's not like we could tear down or add on to our unit since it's in the middle of four. 

. $642.62 is so low because your property values are among the lowest in the country, but the actual tax rate percentage are some of the highest in the country.

As far as the contractor I would not offer a percentage of overall profits, if anything I might offer a performance bonus if work is completed to a satisfactory standard and completion goals are met on schedule and within proposed budget.

What is a good percentage for cash on cash return of investment?

You might just find a great PM like mine that charges a low percentage for the basic leasing/emergency duties and offers additional services a la carte.

We financed the deal with a non-recourse loan which requires 40% down, certain amount of positive cash flow and a certain percentage of reserves in ALL IRA accounts.

I don't remember exactly what it was but had something to do with posting deals, or percentages on returns, and other financial information. 

@Kyle Houlahan I would second an LLC and also have an operating agreement the states what the job responsibilities are of each partner and what percentage of the deal each partner has. 

You can still look for an experience investor looking to acquire another apartment complex, but instead, partner up with him/her and offer them a percentage of the cash flow and equity.