Assuming he quotes me a fair estimates and delivers, I do not see why he should share in profits.

However, I have found that even for my less expensive apartments ($600/month), I still get fairly decent leads from Craigslist.

Contractors want to be respected, treated fairly, and PAID QUICKLY.

Just based on what you said I would sell now and cash the equity out at the peak of the market.Then take the cash and invest elsewhere where you can stretch that currency to get the most bang for the buck.This would be better than treading water.You might have NOI now but if the market collapses and other owners are having a hard time meeting debt service rents will fall fast and there goes most of your NOI.Some people say people get LUCKY when they sell.For astute investors it is not about being lucky but analyzing the market for cycles.EVERYTHING CYCLES.The only question is how long each cycle will last before changing.For that you look at a bunch of metrics to make the best educated guess.

The benefits do not outweigh the risks to me.If they sue you and go to court the money you gained will be wiped out in court costs and then some along with a bunch of time wasted.Also you will have a hard time proving the items belong to the tenant.They could have a loan on them,be borrowed from a friend,or other people staying there not on the lease could say it belongs to them.This happens in judgements too.You get a judgement and before garnishment you have the defendant fill out an interogattory questionaire from the court.Do you think people are going to list a 2,000 tv when they know you are after it??

This is a what would you do question: The building is 100 years old and mostly made of 1 bed apts that are fairly run down, and renting for 350 to 450/mo.

I found your post interesting, because you have created a niche for yourself, that seems to be fairly unique.I don't have any conventional options for you, but you might consider looking for houses where the seller would owner finance, or deed subject to the existing mortgage.

Using city-data/craigslist/padmapper I'm fairly certain a 2bd/1 bath I can rent for around $550.

What should I offer my agent that is fair to us both?

We currently have our first property under contract there, and are looking for a bunch more (one or more of us will be getting licensed there to provide MLS access for deals and comps).