For $100K, 10% is very low unless the strategy has very little risk and very low return. If you are going to do this, get in writing that you can keep copies of your monthly statements and daily returns from their account to market yourself. And, the asset class and strategy does matter. Your past returns matter too. I know someone that runs a fixed income levered strategy that charges 65 BPS on assets, no incentive fee. Last week I spoke to someone that is up 60% for the investor this year AFTER 1/40. 3 years ago someone asked me to help them raise money for an options/futures MM. They needed $10mm and wanted 60% to them and 40% to the investors AFTER all expenses.