June 2010 - March 2011 I received a total of 3 months rent.April 2011 - May 2012 I received 0.June 2012 - present I am collecting rent.The 3 months worth of rent at the beginning were paid in cash by a roommate.

I go there once a month to collect from the drop box, sign a lease with new tenants, or whatever else needs to be done.

Around here PM's charge 10% of collected rents plus half a month to fill a vacancy.

Found this couple who individually has low income but has a decent combined income, no recent issues , no evictions ever, not great credit but no past due bills or collections in last 2-3 yrs ( the wife had collection issue prior to 2-3 yrs while studying), very good rental reference, verified employment reference.

Typically 8-10% of collected gross rental cash flowC.

I'd say you need a minimum of 3 months of research, a couple of hours a night / day.You need to look at craigslist, your local MLS enabled real estate sites, zillow, trulia, city-data.

(I do like the idea of looking for another Ins Co.).The cop might cost $100 for the hour or for service, throw that on the costs of collection.

My observation is that the phone and cable companies are way better at the collection end of their business than landlords.

Two days before we were scheduled to go to P&S and I was to collect half of my fee, the buyers backed out.

You will have to front the $, then he will collect other half midway from the lender. at closing, he collects the final 1/2 & reimbursese you.Make sure you get it in writing & that he is licensed & bonded. you don't want him running off with your $ (not that he will).Yes rehab loans are a pain but it's a great way to use other people's $.I think you have a great plan & minimizing your risk.