Yes you report all income & expenses the send the Net rent...box 3 form 1099-misc.
If you were in the business of managing rental properties then you should have a separate trust bank account for this client where all the income and expenses would go and you would give the owner a listing of all the income and expenses paid from that trust account to be put on their schedule e on their tax return. Part of the expenses paid from this trust account would be a fee to you for your management income which would go on your llc's tax return. But if you have not set up a separate bank account for the client AKA a trust account then you'll have to put all the income and expenses on your return and send them a net check and a 1099 reporting that net.
