? for landlords: How can I provide value in this deal?

[Andrew Weig]

I'm a newbie and still learning the basics. But I think I have an opportunity sitting right in my lap.

My grandmother owes a few properties herself, including a tiny apartment on the back of her house. I currently live with her too. The apartment was in the middle of remodeling. I got the idea of helping her out with that back apartment and then getting some cut of the rent once it's rented (as well as real world experience).

She has already agreed to that because she is an awesome grandmother, but I want to make sure I'm bringing real value to this deal. So my question is, what would you value as a landlord in this situation? I was thinking I help out with the rest of the remodeling and maybe I could find and manage dealings with the tenant. 

Here's a little more detail. The apartment is a tiny studio apartment and still needs a lot of work. There's no shower, toilet, sinks. The floors need to be done. My grandmother said it will easily get $500 a month. If you'd like more information I can provide it, maybe I'll upload some pictures too.