That being said, if you are the partner managing the daily operations of the property and carrying out the business plan for the investment, then for that size property 9% sounds fair.Beyond that, if your other two partners are only bringing capital and nothing else, you can negotiate an acquisition fee at the time of closing (In large syndicated deals goes from 1% to 3% of purchase price or total raise).

This was posted today from the Jacksonville Business Journal, the post on a daily basis and if you really want to know what is going on in Jacksonville, you need to subscribe, its $84 a year. 

Property managers are good when you do not want to deal with the daily calls, payments, screening of tenants.

@Alonzo Artis Start going to your local REIAs and meetups.Build relationships with local investors.Participate daily in the conversation on Bigger Pockets

I had not done that since before I went back to school 7 years ago.I now find myself tempted almost daily to buy something I dont really need.

I am on zillow daily, looking at properties, running calculations.

I have been listening to the podcast daily for the past few months during my dayjob as a delivery driver.

We have on average 4 people calling our office daily for rentals.

If you want daily/weekly listing updates let me know and I'll activate them for you.

You just need their email address or phone number.The ONLY issue is that if the tenant's bank imposes a daily limit on how much they can send, they have to originate the rent a day early so they can break it up in two payments.