[mytailorisrich]

It has to be 0.85% of what people invest, so 0.85% of the fund value, which is ~ the capital amount.

So for a £300k house that rents for £9,600 pa I read that as their fee is £2,550 pa, not £81.6 pa... A letting agent would probably take ~15% of rent so ~£1,450 pa. Repairs are generally charged in addition to the management fee and it's quit possible that they will do the same by deducting the costs from the fund.