What should a property management contract include?

It should spell out the management fee and exactly what it covers, any leasing, renewal and inspection fees plus maintenance markup, the maintenance spend limit before your approval is needed, how and when rent is remitted, reporting frequency and owner-portal access, the manager's authority (and any POA), insurance/indemnity, and the term with notice period and exit terms. Insist on a short lock-in and a clear termination clause.