Once you've found someone you let them pick out the home they want to buy and have them sign the lease and option to buy agreements then collect the non-refundable option fee.

I live for free and collect $100 a month in cash flow after accounting for expenses.

@John Clark Thanks for the extensive explanation.

Hello all, was just informed me that my tenant who just signed 1 year extension on his lease told me he's closing on a house in 45 days and wants to break his freshly minted lease.

I am looking at a property in Pearl River, NY that needs extensive rehab.

I'd like to post it on one platform that will post it on multiple sights..Additionally, I'd like to use the same site for managing the rental (collecting rent, maintenance requests, etc). 

I was initially more interested in appraisals, but the training/education is much more extensive and it's not something I can do as soon.

Some PM companies collect rent and hold in their account until the end of the month, deduct expenses and then transfer to the owner.

Expenses not including mortgage debt in long term rentals are typically 40% (think high rent, high class area without extensive HOA or melo roos) to 65% (lower rent areas for example $500/month).

The GP then gets paid 10-40% of the profits after the pref and often collects an asset management fee of 1-3% of the gross revenue.