Agreement/Terms for Property Manager To Act As Project Manager

[Padric Lynch]

I have a studio apartment in New Bern, NC that will need an over haul once the tenant moves out at the end of February. My property manager is also an investor and has experience with managing contractors. I will be giving him the reigns to handle and manage the work being done (Paint, flooring, light framing to add a kitchenette, separating utilities, and various finishes). 

My question is: How is the agreement to manage the project typically structured? And what are the major considerations?

Currently, we've agreed to keep the management fee in place while the property is vacant and the work is being done. Additionally, for every visit to the property I will pay a $60 flat fee. Each compensation method seem reasonable and fair. 

That compensation will cover the following services:

• - Managing the contractors and subs
• - Inspecting work
• - Authorizing draws
• - Providing updates and pictures
• - Making small dollar amount decisions and using discretion based on the scope of work and overall project    intent provided by me

I'd love to hear some thoughts on how others have structured this and what roles and responsibilities were expected from their project manager.

Thanks,

Padric