If I were a betting man, I’d guess that opex would be closer to 50% given a lot of expenses are fixed (lock change, carpet cleaning, owner paid utilities, appliance repair, just to name a few) regardless of a unit renting for $500/month or $800/month.

The best part is that we are getting PAID $15k to get a house that cash flows.

If it's an FSBO, the commission will be paid by either the seller or you.

As a result, the Purchaser lost his Deposit. the Purchaser sued and won, paid by the E&O Insurance from this Attorney.Just yesterday, Kevin, who is very frustrated, went to the Seller's Attorney's Office to talk to him and find out why the Deposit was being help up.

You see like many average Americans My finances are in a small mess, but I’ve just gotten my income tax return and paid down some credit card debt, so I want to use this breathing room wisely.

Your friend probably paid private money rates which can be as low as 2% -10%. 

You're absolutely correct and you should do your vetting of the PM company before you refer someone over to them especially when you're getting paid a fee. 

They don't get paid anymore. 

I have a fair amount of equity in both properties and will have my primary paid off soon. 

Anyway when we bought our first house in 2011, we paid 200k+.