I have several other properties and pay the property manager a fee on total revenue as well as for any supervising they do for work done on the property.  

You will want to make sure to do your own supervision to a degree to make sure things are moving along.

Maybe he planned to hire a crew and mostly supervise and orchestrate, but I am guessing you would have included that if that were the case.

A forced BK sale is a court supervised sale.  

Also, the answer is "yes", I absolutely have to charge a fee, my supervising appraiser has to spend time reviewing anything I produce.

Study up on landlord tenant laws for your state and if you really want this to work your going to have to spend some time there to turn it around.. if after this it's to much at least your in a better situation to find a realtor and put if up for sale, or know your next PM will need more direction and supervision.

If I contract with a PM, they are the employer.Additionally, you can not  have a friend manage YOUR properties - - you can manage your own, or be an agent assigned and under the supervision of a broker. 

It always easier and faster for the mentor to perform the tasks itself than it is to teach and supervise an inexperienced 3rd party.The shortest distance between where you are right now and where you want to go with a mentor is to bring them an opportunity.

Vacations, sick days, replacements, supervision, training, maternity leave, space and equipment and on and on.

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