Free Rehab Exchange for Long Term Rents

[Tan Su]

hi BP,

I recently bought some foreclosures from the county's forfeited land sale in Ohio (no redemption period), as you all know, the title is cloudy so the strategy is to rehab and hold to rent. However, I do not have enough cash to do the rehab anymore due to too many deals recently so I came up a new idea and am currently talking to a few ppl. 

I would like to sign a contract with some handymen so they will pay to rehab (they can use whatever material they want in whatever way they want to do), and after the fix, they will be responsible for looking for the tenants, managing the property and paying for utilities and taxes. As compensation,  all the rents will be used to pay off their work first and beyond that, it's all their income until the negotiated period ends, for example, 5 to 8 years. After that, I would like simple sell the property for a profit since everything should have been fixed up and the P/L stmts are ready as tracking records. 

Do you think if this is a feasible strategy or a good idea? What are the risks?