Now the situation has occurred that we need to rent the house out in order to help pay for his long term care expenses. 

I’m 30 years old, 10 month old son, juggling taking care of the family, property of 21 acres, an old farm house, work, and real estate.

I would tread very very carefully here

Unfortunately, this is generally catered more towards folks that don't know, don't care or too focused on a few bucks. 

@Justin Smith Bernie Madoff and every other scammer also did deals with & thru family & friends.Just be careful and good luck!

With mutual trust, your agent will be able to put more time and care into your searches, evaluating properties for you, and not having to worry if their time will all be for not.

Be careful about the advice of others when it comes to your RE investing future. 

I think every market and every person have their own reasons, but here are some thoughts from a property manager.Pros for self managing / cons of PM- Keep all the revenue- You have 100% control- You own listing, photos, etc- Nobody will ever care about your investment as much as you do.Cons for self managing/ Pros for property management- This is a 24h / 7days a week business and I imagine you have at least somewhat of a life I imagine. 

She would be putting all the cash down for the property and I'm a contractor and would take care of all of the rehab work along with finding the house, dealing with real estate agent etc. how can we make it so that it would be 50-50 ownership of the property and all future profit? 

We take care of the entire process—from sourcing and purchasing properties to managing renovations and the final sale or rental.