This motivation lead me and a business partner to start Raise the Standard Property Management.

That's for all "standard" Property Management "things". 

Quote from @Vince Scipione: Standard would be an FHA loan for your situation more than likely.

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.

It depends on who you're hiring but that seems fairly standard.  

But in reality you might just want to think about using a standard savings account And taking a hit from inflation on the cash because the delta from the higher interest account to the regular account is not really that much on small amounts.

Does anyone have a real estate attorney recommendation to review a property management lease?

Pretty standard and we've definitely done it in the past with a lot of real estate agents we work with that invest. 

Managing Class C & D properties is NOT for every PMC!

-------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?