The owner should still have the reporting for Gross vs Net. That's what I am provided with when being asked to help set a system for tracking and audit purposes. Also, the "net" they pay to the Owner and report on the 1099-Misc might not even be the "real net" because I have seen where the property manager keeps an escrow account for the Owner, so that they don't need to dip into their own account to cover repairs, and this is not a trust account and not the same as tenant deposits. I call it the Repair Slush Fund.