I realize this is an older post, but I just wanted to drop a note and mention that my family and I own and operate a property management company that primarily serves Palm Beach County.

Operating in the Luxury SpaceWe focus on properties in the $1.4 million to $1.9 million purchase price range, which allows us to sell finished projects in the $2.5 million to $3 million range.

The best way to think about it is you're in the business of renting a property-that business isn't operational until it's ready and available for rent (aka in service). 

In Pittsburgh, where I live and operate, this would be a two to three-month process in front of almost all out local district magistrates.

Opening a new fund or operating company and not reporting on the old fund’s results3.

That’s the best bet.

Supplement this far simpler entity approach by ensuring you have appropriate types and levels of insurance, you operate your business in a manner in which your conduct is not considered an exclusion in your policy, you work with licensed and insured vendors, you execute contracts with indemnification clauses with these same vendors/ require additional insured status &  maintain appropriate licensing and permits.

You bet it is lower risk than being on the equity side.

If your property management company is good and has built an internal maintenance team which has set rates and had strong relationship relationships with licensed contractor which should keep costs in control, you should never need to shop contractors on your own I wouldn't think.So in short, our policy is give us your preferred contractors upfront if you have them, but then we work all tickets to resolution including dispatch, and payment of invoices.This is of course for operational expenses.  

It sounds like you may be a better fit for a smaller operation that still offers guided tours.