I don't use a property manager and the last thing I want to do is spend all my free time showing the rental and screening tenants.

I recently sold a property with a flat fee listing.

Very professional, knowledgeable, good tenant screening.

You could then charge a flat rate each month or divide the bill some other way between the tenants.

Living in a small town in Florida, even in great neighborhoods you will come across homes stripped of appliances, fixtures,cabinets, kitchen sinks, A/C and water systems, even pool screens if the house has been empty long enough.

The Landlord had not done due diligence in screening the tenant and knew nothing about how to manage property and tenants.

I like vacant because I can fill the place with people that "I" have screened on my leases.If the price unit's repair level and price works, I would buy it.

He charges a flat fee from start to finish.

OTOH, if one of you puts up 100% of the cash and the other one manages the property (screens tenants, deals with issues, etc.) then I'd say the one doing the management should get the PM's fees (typically 10% of collected rent plus half a months rent to fill a vacancy) and the other should get all the cash flow.Partnerships are fraught with problems.

We bought our first 3 flat fully renovated with a FHA and 3.5% down.