We want to detail the responsibilities, capital contributions, profit and lost sharing percentages, decision-making process, have dispute resolution methods, and exist strategies.

While it might feel like an extra charge to tenants, these packages often provide value that indirectly benefits the property owner as well—like reduced maintenance calls or ensuring the property is better protected.In my experience managing a large portfolio of properties, these fees are becoming more common due to the thin margins in property management.

It adds extra protection for your assets.

It can simplify end-of-year paperwork, but you’ll want to confirm the details with a tax pro.3.Long-Term Game PlanPaying out of pocket and keeping your medical receipts can be a great strategy.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Requiring occupant to have renters insurance is another possibility for extra protection.

Lock away extra supplies; trust is great, but accidents (or curious kids) happen.

Always have a detailed scope of work and a price in a written contract.  

Provide a detailed accounting of deductions, along with the invoices, to show you’re acting in good faith.

Also, keep in mind that an IN multi member LLC would require a separate tax return, so you would want to budget for extra admin fees.