I would also ask them if the have coordination fees. My pro pbmanager charges $15 for each 15 min they spend for coordinating contractors or doing any work related to the property. I find this cost ridiculous.
Late Fees: Majority of PM's will keep the late fees. There are plenty that split 50/50, and few give 100% to landlords. Often they state the reason for retaining fees because of the additional work it takes to call and coordinate the late payment process.
Early Termination: You will often find PM's have a 30-day notice and landlords a 60-day notice for termination. Typically there are fees associated with the separation if it's landlord-driven. Those can be the remaining fees due from lease or a flat rate (i.e. $500). You won't find a Management Agreement that has recourse against the PM for not performing. However, there's nothing to stop you from requesting an Addendum to include a course of correction if they are in breach of contract, with a term for establishing the landlord requirements to properly notify and how many days the PM has to correct. Of course the PM has the right to deny adding that addendum too.
@Joshua Espejo - I am in the Bay Area also, and also looking into JAX.
Blake, do you have any properties in mind at the moment? I just found a property through Roofstock but would be interested in chatting about what you've done for your search!
I'll give @Ryan Robbins and @Matthew Miller a holler