I'd prefer a flat fee as opposed to a percentage, the properties I am looking to buy are in the circa 300k range! 

If you make 300 profit on a $1,000 a month rental, and your PM takes 10%... that’s 10% of $1,000, or $100... so you are giving up 1/3 of your profits for PM on a leveraged property.If your property is paid off it at least lowers the percentage because the profit level is higher on a free and clear property.., so the same $100 might be out of $700 profit... making the PM’s cut 1/7th of your property, or 14%.Randy 

However, in my research of the neighborhood the property is in, I found Trulia's "What locals say about (neighborhood)" in which features such as "Kids play outside" and "People would walk alone at night" get a percentage ranking I assume from crowdsourced voting. 

Should I do a percentage split instead of a set price, maybe a 60/40%?

Or charge each a percentage of the water bill per month as I do on my units.

This is normally expressed as a percentage and that percentage is of the ARV.

With a straight equity split, investors are given a defined percentage of the property’s cash flow and equity on sale, often defined as “60-40” or “70-30.”

With a straight equity split, investors are given a defined percentage of the property’s cash flow and equity on sale, often defined as “60-40” or “70-30.”

Purchase price: $85,000 Cash invested: $17,000 Solid Brick Duplex in a highly sought after neighborhood with a large percentage of rented property.

Black race population percentage significantly below state average.