Long-term goals could involve building a diverse portfolio, achieving financial independence, or even transitioning into real estate full-time.Ultimately, the journey in real estate investing is both challenging and rewarding.

What you are asking IMO may not warrant an expensive lawyer getting involved.

If you're still involved then it doesn't solve the problem of the property being a hassle for you IMO, you're just kicking the can down the road and could end up dealing with much worse problems later on (dealing with the time, expense, and headache of having to take the property back, then going back to square one with the property which will most likely be in worse condition than it is now). 

Your financials don't account for maintenance, collecting coins, cleaning, or any of the other work involved.

Anything residential will be much higher touch and involvement on your side.  

Renting properties to sober living homes in Colorado involves a combination of understanding local laws, finding the right tenants, and ensuring your property meets the specific needs of a sober living environment.

Lifestyle and investment goals involve a lot of thought, planning, and being ready if/when the right opportunity presents itself. 

This land was also acquired through our business so there are 4 separate parties involved that will have ownership and will split any profit or income.Questions - 1.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I believe that will be a paint point for you and may be better to simply buy a recently constructed building where there's less risk and far less time involved.