Do you have an engineer on staff that's familiar with industry standards that supervises the construction?

Unfortunately, I am usually doing the grunt work, running for materials, cleaning up garbage, and generally just keeping workers company (supervision).

Can I start immediately, with the help/supervision of my broker?

I think you're ok as just a salesperson if you're working under a broker that supervises your activities. 

I'm also curious as to how I will be able to supervise it while I'm gone.

If you are having trouble trusting, perhaps you can hire a mother's helper to be in the house with you while you supervise from a distance. 

Is it feasible to do this deal and then find a local trustworthy project manager or prop manager to supervise the repairs?

It seems the next step will be to find a Broker who will supervise me.I am an investor and am working to become a licensed Realtor to represent myself (essentially) in real estate sales and purchases.

With careful negotiations I promised him I would take good care of the property with his supervision and asked him to finance me for 5 years on a balloon payment and with the option of renewing the owner finance loan for another 5 years.

You've got other long term issues:  a PM must be a broker (& active) or working under the supervision of one.