So long as you're able to discuss the situation with family and agree on a setup that suits all parties, I don't necessarily see there being a need to rush out the door.

Can someone recommend a good third-party phone service to field tenant maintenance requests, etc. thanks so much

So at the end of the day, you would just leave it as tenant responsibility and if the money stops flowing, then the tenant is still the responsible party.

The purpose of the Management Co is to deal with any third parties such as vendors, contractors, attorneys, banks, etc., and to create privity between the entity that holds the actual assets of Investment Co and Management Co. 

I don't want to be in a worse place afterwards for immediately fixing and then being out of pocket with no reimbursement from any party. 

I’d love to start a discussion on Risk Management in Fix-and-Flip Projects and share some insights from my perspective as a lender.Having clear and detailed loan agreements protects both parties.

Material misrepresentations or omissions on the Application will constitute a default under the Lease or Rental Agreement between the parties, and applicant will be responsible for the cost of any background checks performed.

So if there is damage that can't be rectified through reasonable effort with both parties (ie. damage that the buyer is not willing to claim on ins., won't credit you the cost to fix, a delay longer than 30 days while the bank is processing "re-inspection', ETC) than you can cancel the contract and receive your escrow back. 

The strike price can be set to any amount the parties agree to.

Best part is, your money will continue to grow even while you have loaned it out to yourself.