I work with a handful of repeat clients who have succeeded and profited very well with all exit strategies. 

Please hand him a 3-day notice and evict him as soon as possible.  

On one hand, if a sponsor was that successful in flips (high margin, fast turn), they wouldn't need a fund.  

Speaking from hands on experience on both platforms as I've worked with both Carrot and Wordpress sites (more than 400 sites so far since 2017), what carrot brings into the table is their simple, all in one, fast website platform.

I'd like to be fairly hands-off due to daily work commitments, and looking for something that doesn't involve a ton of risk.

But a person who has $40k in "available cash on hand" needs to hold on to it for a rainy day.

A bookkeeper can also work hand-in-hand with your CPA to ensure everything is recorded correctly, making tax time much smoother.My personal belief is to get referrals for CPA recommendations—word of mouth is often the best way to find someone solid.

Just understand that you'll need to manager the PM, so you can't be completely hands free. 

If you're willing to travel and hour and a half and be hands on then you'll most likely accrue more equity in your deal when you have a successful renovation but you're trading your time.

When reaching out, it helps to offer value in return—think about tasks like checking on properties when they can't, delivering materials, finding reliable contractors, or even handling basic project management tasks.Building genuine relationships and showing you're willing to contribute will go a long way in earning their trust and gaining hands-on experience.