Considering that he isn't there personally for the renovation he hires someone to manage the construction project.

You will need a licensed TX attorney to oversee the legal documents, you need escrow officers and transaction managers and business development/marketing.

My wife and I used to do flips in this area, and I have a couple listings along with long term rentals I manage in the area..For the co-host, they typically do not handle permitting and other items like that (this can be agreed upon between you and the co-host.

My own note fund is now in the PPR family, managed by Dave and his killer staff.

You left out information that maybe relevant such as taxes/insurance per year, maintenance cost anticipated per year... plus other expenses depending on rental such as management fee(if you aren't manager), advertising cost to acquire renters, etc....

In that case you need to review the house rules and check with management.

Acquiring multifamily buy/hold rentals to establish cash flow as passive income. (1 within the next year, 2 more the next year, 4 more the next year) Find my capacity to hold and manage before relying on property management.4.

But you’d have to target the <5% that are privately managed by newbies.

It's usually much easier to pay a small monthly fee to have a professional manage your property.

I would consult a real estate agent or property manager on the price for the rental even if you plan to self rent and manage.