Typically property managers charge the following:-Monthly percentage-Finding new tenants-Renewals-Charge on top of maintenanceSo even though it is 10% of the gross rent, often times it can be really as high as 18% when all is said and done.

Since you say you are putting together an "investor pool" I'd highly recommend having a securities lawyer go over all your plans to date.

Some examples:- High deductible policies are a form of self-insurance- Stand-alone captive insurance w/ re-insurer backstop - Group captive w/ re-insurer backstopThere are many other approaches, but the key is a solid understanding of risk profile and risk management.

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I am thinking of moving into a different market as it has been pretty stagnant for me especially due to high interest rates not making the numbers make sense in this market in my opinion.

If you are priced high, then you are more likely going to get less than desirable applicants because in exchange for high rents, you are taking on more risks.This is Los Angeles.

Unless you're in a situation where you're at high risk of being sued like a doctor or you have a lot of assets and people are after you, I don't think it's worth the extra hassle

So that means that the payments will be pretty high every month, however what are your thoughts on this?

A smaller footprint less maintenance and repair costs with high rent and low vacancy is a great formula for success. 

I would highly highly recommend you read Managing Rental Properties by Brandon Turner.