If you are a highly compensated professional or business owner, it might not make a lot of sense spending time managing a property.  

As a result, this isn’t the kind of market that attracts top-tier PM talent.Your best solution might be to either:1.Take on self-management if possible (and if you’re willing to put in the time/effort).2.Find an individual you can trust to handle these properties, set up very specific instructions and processes, micro-manage them initially to ensure standards are met, and compensate them well to make it worth their while.This approach requires more oversight on your part but can yield better results in markets like this.

I have to ask Stephen, and no offense; are you associated or receive compensation from traceestate.com?  

Time Commitment - Basically if one of you spend more time on the project than the other they should be compensated for that time.

Expenses including Workers Compensation, General Liability Ins, LLC fees, licensing fees, etc..

How would you recommend, or what resources would you refer for us to properly figure out how we spend our time and appropriately get compensated for it?

If you supply the machines, I recommend increasing rent $100 or so to compensate for the purchase and maintenance. 

For example, you could create a weighted structure where a percentage of profits is based on cash contributions, and another portion compensates for rehab or management efforts.Rent Payments and Tax-Free Profits:If you structure it as an owner-occupied property, the rent you pay could be shared proportionally, but tax-free gains on resale may only apply to your share, as you’d be the owner-occupant.

I remember proposing a mostly commission compensation plan, which was very safe for me.

LLC-A deducts the 10% management fee, while LLC-B reports it as active income, subject to self-employment tax but eligible for tax-efficient salary and distribution strategies.Ensure the setup has a clear business purpose, reasonable compensation, and documented management services to avoid IRS scrutiny.