I charge a flat fee to market the property, screen applications, get the tenant under contract, and collect the first/last/deposit.

I am very familiar with the condition of the property. the seller and I use the same property manager who charges me 5% because he manages 12 other units for me.

So if your partner and you have a deal coming up soon, then your best bet is to start with your own surrounding.

They charge 10% or a minimum of $75 per property.

Anyways, your best bet is to find precedent in your target area, or close to it, and see if you can get in contact with them to see what they went through. 

I'd want someone to have my back.Second, if I were to "forget" to mention those kinds of things, my reputation would be in the toilet as fast as you can say "Yelp".I'd bet most good agents would do exactly the same thing. 

Best bet: connect with local investors/lenders/brokers to narrow your focus (what type of asset, what sub-market of the metroplex).

This is in addition to all the other expenses you'd find in a condo HOA or common charges.

The area is growing and I anticipate rents going up as well as house prices, i don't want to bet on this but it does give me some comfort that equity will increase over the next few years.  

I would bet that the owner works more than 20 hours a week.