Pays off in 6 years or less if you paid extra on it and frees up the property to be used in other purchases.

Think of their fee as extra insurance that the deal will close. 

But man, that seems like a lot of extra work come tax season.

It may sound nice to pay a 5% management fee but the extra fees can add up to be more than the other company that charges 10% with no add-on fees.

What's the custom for allowing, not allowing, charging an extra deposit for, or any special considerations, (or none) for the issue of smoking in your apartments?

I have an extra room in my primary residence and I decided the best way to start and learn would be to rent that out.I guess I am just looking for general advice as to what I should do in this situation and what I should be looking out for especially when it comes to screening. 

But let's say you bring in an extra 4k a month in cash flow - it's definitely worth the 1k payment is not??

What are the minimum details I need on his receipt in order for me to submit it to the IRS?

But if you net $1,500, then maybe it would.At any rate, I think it's great that you've gotten started - it's okay to learn the details later. 

From experience though very few people actually read the details of a rental ad, they mostly just look at the pictures and the rent amount.