Will you be hiring a property manager as a W2 employee or will you be handling the property management as the sole member? 

25-35%: rent15%: Automotive25%: Bills10%: Savings10%: Entertainment5%: Misc.This is after tax, so assume their gross is +20.5% more on average.

This holds true even if the management fee is calculated by a percentage of gross rents collected or a solid monthly fee.

We had an owner with 9 properties walk up to one of our employees in a parking lot.

Partner does nothing other than supply fundsNo disbursements for initial 5 yearsAt 5 year mark, refinance property, repay partner the original investment amount.From the 5 year mark till property is sold, disburse 80% of gross rents minus taxes, insurance, debt service, and other expenses.

Landlords take rent collection as seriously as employees take receiving their paycheck....who keeps working for someone if they don't get paid.  

Never had that opportunity just from a tenant, but that's how I'd do it. 1/3 the monthly gross?

Is that 2,200 gross rents or 550?

There is some "employee parking" in the back.

I have ~$30k in gross monthly rents and don't feel the need to pay a property manager a minimum of 8% of that.