I would definitely be open to them keeping 10%(ish) of the late fee as would be customary of a typical rental income fee.Anyone have experience on this or can shed light on best practices for PM/owner relationships? 

This is no different than a baker using $1 of ingredients to make and sell a $4 chocolate chip cookie.You can only flip so many houses, so the ability to scale is based on your time and energy.

Light Reno - 20k.

Additionally, study and learn as much as you can about everything related to construction/building and the ins and outs of RE....As a 16 yr old, you have the time and energy to get a lot of knowledge under your belt, which will be a huge advantage for you over your competition....

New insulation across first floor along with sheetrock, Alexandria Moulding trims, primer, and two coats of eggshell paint (1,100 SQFT).Installation of 15 ea. 6" recessed lighting cans across first floor with pendant lights for the dining room and over the kitchen counter.

Each state is different, and many brokerages also have their own guide lines, so consult with your broker before you spend a dime and before you spend any more mental energy brainstorming the perfect name.

She has the internet, light and water bill under her name only.

I think what's more important than anything else, is that you go into this meeting very self-aware of the fact that you're 15 years old, you have no life experience, and you have basically nothing to offer this man.There is no amount of time, energy, or effort that will add value to his business at this point.

I really like this kitchen, especially the LED under-cabinet lighting and the counter tops.

Where am I light..