So I will be 'running the show' - identifying the property, hard money loan, contractor selection, rehab work supervision etc.

An individual, two or more persons related by blood or marriage, a group of two or more disabled residents protected under the Federal Fair Housing Amendment Act of 1988, adult family homes as defined under Washington State law, or a group living arrangement where six or fewer residents receive supportive services such as counseling, foster care, or medical supervision at the dwelling unit by resident or non-resident staff.

I would make sure that there is no pealing paint in the apartment and include in your lease that the tenant is responsible for the safety of their visitors and must supervising all visitors under the age of 18. 

If they bring children, how well behaved are the children... supervised or unsupervised?

What does a construction foreman do ... schedule and supervise sub-contractors?  

The way that we do this is under the advice and supervision of our CPA.Going back to your original post and question, be careful what you do and how much you charge.  

(6) Supervises the collection, offer, attempt, or agreement to collect rent for the use of real estate

Are there certain things you have done to help ensure that proper maintenance in being done and the property is being supervised? 

This is every night even on the weekends.we not spring chickens and we need our sleep.our rest is broke every early morning at 3:30 4am on until like 6am not cool.”Not exactly sure how to deal with this situation as above unit has a elderly tenant that is supervised and does need 24hr supervision done by son that pays him through family assistance program in NYC.

That or find a buddy I'm town that will supervise for you.