I would recommend that you probably split that profit in the rental of the unit about 90/10 or 90/5/5 assuming you take all of the property management as your responsibility whether or not you hire a property manager or a property management company to be involved in the daily operations and you would manage the manager and keep their monthly reporting that you need.I am assuming you will own the property under your name or a company you own. and/or you control what happens to the property which might be owned by a Partnership company. 

I am the owner and operator of Stuhrenberg Renovations.

Tenants pay for all utilities.The Numbers:Gross Rent $2490Net Operating Income: $2,100 (I am managing myself)All in Cash: $131,000.2% Rule - Gross Rent of $2490 / $131,000 = 1.9%.

This will keep you organized, and professional in the eyes of your tenant(s). 

This includes operating your heating and air-conditioning system as appropriate to reduce humidity, using appropriate ventilation, limiting evaporation of water, promptly removing any visible mold, and immediately reporting to us any leaks or other water intrusion into your apartment or any visible mold that you cannot remove.

So if any of you Rockstars out there want to throw a newbie a bone, I'm looking for that super talented agent you previously worked with that seem a cut above the rest operating in the Burlington County area of New Jersey.

Work your way up in quantity that will ultimately allow other people budgeted and paid for Property Management Company running the daily operations and you are responsible to manage the management company without having to come out of your own pocket.I have heard that it takes about 30 units before you can afford a management company as a regular expense that property will pay for. 

As suggested by Randy and a few others, I have organized all of my showings in a two hour window.

Here is the info:Tenanted duplex with 2 2br/1ba units, both tenanted and renting for $600 each.Financing is via private loan at 4% interest only payments and final balloon payment at end of term (5 or 10 years, tbd)Asking price : 57,900 ***note: following numbers are assuming the seller's asking price, which I would NOT offer***Est'd ARV: 60,000Est'd rehab cost: 15,240Closing/Legal cost : 1,500Down Payment : 17,000Total cost of project : 70,400Total borrowed amount : 53,400Total Gross income : 15,880Total Expenses  : 9,054Net Operating Income : 5,478Annual Debt Service : 2,136Cash Flow : 3,342Even with the over-market asking price, this property is already cash flowing.

That's OK I can live with that.So its a very clean operation, and the tax bill is very manageable.