Would you still use your friend as your GC and just pay him his regular rate (and would they be happy about the new arrangement)?

I don't know but I have plenty of Canadian and American friends and acquaintances who travel (regularly) to Mexico and the Dominican Republic but I don't actually know anybody who has vacation in Puerto Rico (unless they haven't told me of course).As can be expected, the most profitable form of real estate investment in the region is short-term rentals.

And he knows who's working regularly, who's only off-and-on, who's going through troubles, who needs extra work.

Quote from @Will Ghidotti: Hi Amby, I am a real estate attorney and handle this issue regularly.

Even updating the listing regularly so the OTA knows there's someone actually running the place behind the listing.

There's also regular inspections of both the living conditions and conditions of the home, and I've known some LLs in my area to fail for really stupid things (like a broken screen that the tenants must have broke), and if you fail no money until you pass. 

I just moved to Oklahoma City a couple weeks ago, but I will be coming back to Chico on a regular basis.

A senior product manager for Facebook Marketplace, where people buy and sell used goods, had regularly invested in startups run by friends or ex-colleagues.

We had access to one and were about to sell but the irs told us we had to pay it all IRS has nothing to do with property taxesIn addition at death the taxable value is adjusted to the value at time of death. 

Here’s why it might be a smart move:Maximize ROI: With leverage, you can control a larger asset value with a smaller initial investment, potentially increasing your returns as the property appreciates.Preserve Liquidity: Keep your cash available for other investments or emergencies while still participating in lucrative real estate opportunities.Tax Benefits: Deductible mortgage interest and expenses can lower your taxable income, enhancing profitability compared to an all-cash purchase.If you have the means to buy with cash initially, you can later refinance to unlock equity for further investments or improvements.