Property Management

📌 Owner Reserve Fund Requirement

All managed properties require a $300 reserve fund to cover emergency repairs. Collected at the start of the agreement and replenished from rental proceeds as needed.

🔑 Security Deposits (Wis. Stat. 704.28)

• Must be returned within 21 days of tenant vacating
• Itemized written statement required for any deductions
• Must be held in a separate trust account
• Normal wear and tear cannot be deducted

📋 Lease Requirements

• Written leases strongly recommended for all tenancies
• Must include: names, address, rent amount, due date, lease term
• Non-standard provisions must be initialed separately
• Month-to-month tenancies require 28-day notice to terminate

🏠 Habitability Requirements

• Must maintain rental in habitable condition at all times
• Heat must maintain 67°F when outdoor temp is below 0°F
• Smoke detectors required on every floor and in every sleeping area
• Emergency repairs must be addressed within 24 hours

⚠ Lead Paint Disclosure (Pre-1978 Properties)

• Federal law requires disclosure of known lead paint hazards
• Must provide EPA pamphlet to tenants
• Milwaukee inspections may be required for homes with children under 6

⚖ Eviction Process (Wis. Ch. 799)

1.1 PARTIES

This Property Management Agreement is made between ______________________________ (the "Owner") and Finding Your Door, operated by Dawn Turnipseed (the "Manager"), for the property located at: ______________________________

1.2 TERM

This Agreement begins on ______________ and continues monthly until terminated by either party with 30 days written notice. Manager may terminate immediately if: unable to operate in compliance with law; personal safety is at risk; Owner lists with another agent; or Owner fails to fund the reserve account.

1.3 MANAGER RESPONSIBILITIES

• Advertise, show, and lease the property to qualified residents
• Screen residents in compliance with all Fair Housing laws
• Accept applications, fees, and deposits — security deposits held in FDIC-insured trust account
• Prepare, negotiate, renew, and terminate rental agreements
• Collect rent and issue receipts
• Maintain accurate records; provide monthly financial statement to Owner
• Disburse net proceeds to Owner via ACH on the 1st and 15th of each month
• Serve notices and coordinate eviction proceedings with Owner approval
• Coordinate repairs — Owner approval required for expenses exceeding $300 unless emergency

1.4 OWNER RESPONSIBILITIES

• Provide all keys, access codes, and necessary documents
• Maintain adequate property and liability insurance
• Fund a $300 reserve account for emergency repairs
• Not interfere with Manager's operations or contact residents directly without prior notice
• Pay all property taxes, mortgage payments, and HOA fees on time
• Provide 30 days written notice of intent to sell or remove property from management

1.5 MANAGEMENT FEES

• Monthly Management: 10% of rent collected
• New Tenant Placement: 75% of one month's rent
• Lease Renewal: $150 flat fee
• Vacant Unit: $75/month
• Maintenance Coordination: $50/call (up to 1 hr); $35/hr thereafter
• Eviction Coordination: $150 + all court costs and attorney fees

1.6 SECURITY DEPOSITS

• Held in FDIC-insured trust account per Wisconsin Statute 704.28
• Returned or itemized within 21 days of tenant vacating
• Owner responsible for disputed amounts exceeding collected funds

1.7 MAINTENANCE & REPAIRS

• Owner approval required for non-emergency repairs exceeding $300
• Emergency repairs may be authorized by Manager without prior approval
• Owner pays contractors directly; Manager charges coordination fee per section 1.5

1.8 INSURANCE & LIABILITY

• Owner shall maintain adequate property and liability insurance at all times
• Manager not liable for acts of tenants or events beyond Manager's reasonable control
• Owner agrees to indemnify Manager except in cases of gross negligence
• Minimum $1,000,000 general liability coverage strongly recommended

1.9 FAIR HOUSING

Manager operates in full compliance with all Fair Housing laws. Any instruction from Owner to discriminate against any applicant or tenant based on any protected class will result in immediate termination of this Agreement.

1.10 GOVERNING LAW

This Agreement is governed by the laws of the State of Wisconsin. Disputes shall be resolved in Milwaukee County. This Agreement constitutes the entire agreement between the parties.

SIGNATURES

By signing below, both parties agree to the terms of this Property Management Agreement.