How to do this right, please Advice!!!

[John T.]

Hi there,

I am about to start a rehab next week, and I have a question about how should I do this right.

I am working with a realtor that is advising me and helping with the contractors. He met them, and we went over the bids together, he is very knowledgeable and I was recommended to work with him from someone I worked before. So far, we have a verbal agreement that he will charge a fix fee every time he must go to the site and oversee the work. That includes phone calls. We estimate he will go once per week. Basically he will be a sort of a project Manager, but I will not pay him a percentage of the rehab project. We agreed a fixed fee each week.

We contacted several contractors, and the one that he has more experience working with,  has the best bid...not necessarily much cheaper than the other one. I decided to go with them. 

My question is that he told me my deal is with him, and he will pay off the contractors. So the deposits must go through him. I already told him that I want this things on written, and he has no problem with this. What kind of agreement should I write on paper with him? Anybody have a template? 

Also, is that right to pay this contractor through him, or I should pay  directly the contractor by myself??

One more thing since  he acts as an advisor, Should I carry an insurance to him in case he hurts himself the site? 

   I already told him I want to check the insurances policies of the contractors, and that they are right. He already told me he will get them for me to review. he has no problem with any of this. 

    I honestly  like the guy, he seems to know what he is doing, he told me he invest himself. Also, he is a realtor, he works closely with someone with a great reputation. I just want to do the things right and structure our agreement on paper. Also, I want advice about if I should pay him so he pay the contractors, or I do pay the contractors myself. It is just our first time working together, not that I suspect him to not be honest. Not at all. I have no reason to be wary of him until date. I Just need a  little bit of guidance , or if other investors were in the same situation how they did it.

Thank you so much for all of you who can help me out with this.