3) For purchasing the property itself, I had the usual expenses associated with buying a home, such as appraisal fee, home inspection, title insurance, real estate transaction tax (recording fee and stamp taxes), load application/administration fee.

You will find that you can start off aggressively buying small multis but then will need to get into bigger buildings as the administrative headache (mortgages and taxes) gets to be a lot bigger.  

8% is customary in Maryland however, some firms may come up with creative ways of increasing their 8 % Management fee for example; Advertising, Lease Administration, (etc).

While any attorney may have a much better opinion than non-attorneys, financial compliance is a specialized area of administrative law.

Music, drinking, drugs, fornication, and all sorts of other debauchery are going to be taking place. 

They had to make some calls to find out my tenants were rolled up in a drug bust in another City. 

It does come with administrative costs such as filing a seperate S-corp return and setting up payroll. 

Go to youtube and type in "vacation management companies exposed" for a short explanation.Most management cos also mark-up repairs and use their homeowner clients' cabins for up to 2 weeks a year for "administrative and marketing" purposes. 

No illegal drugs or alcohol.  

They hire anyone, drug addicts, they run tons of ads and tons of crews, their crew leads are inexperienced.