Project Management on Rehabs

[Brendon Pishny]

I've recently been approached with several opportunities to manage some rehab projects for other investors in my local area. This is for some investors that want to be very hands off. After doing my own projects I put myself out there to help others. I'm not quite sure how to structure the agreements to make it worthwhile and fair for each party. I'm not a general contractor so they would be paid separately. This would be more of the day to day activities and basically feet on the ground. 

My thoughts are a monthly fee to cover time and travel. Also, a percentage of the end profit and/or be the listing when the rehab is complete. I would do a certain number of site visits per week, handle all contractor bids and calls, keep to a predetermined schedule and budget, etc. Basically see the project through from start to finish.

What have others done in this situation? What has worked and not worked?