@Chris F.It depends on what market you are in, but where I am located in Columbus 8-10% of gross monthly rents is pretty common for a management fee.

Purchase price: $186,000 Cash invested: $46,500 Home was built in 2018 as a long term Section 8 rental unit.

Excited to have you in the community and hear about your journey into real estate.

"The only thing that gets in the way of a great life is a comfortable life."

I would lock in a solid profit.

Deed is in both names.

Don't use carpet in any rental property. 

Are you in the county, in the city, or in the mile limit for the city?  

Can you do a live in flip?

Or just start out collecting a fee or hire a third party to manage.As for a buyout down the road, you could put an agreement in place from day one that specifies a set time period that you will buy out the partner.