@Gabriella VehrsWhat exactly are you looking the other person to "manage".In theory - you can be completely hands off and hire a professional to do everything for you.Property management companies to manage the propertiesReal Estate agents/Wholesalers to find you propertiesContractors/handyman to fix up thingsCPA's to do bookkeeping/taxes/strategiesAttorney's for evictions/operating agreements/review contractsIn theory, you can do all of the above or you can hire it out.What are you looking to unload?

It will minimize a chance that you would lose money on this deal and/or ruin your friendship.Here is an incomplete list of what you will need, and most of that requires an attorney's help:write a strong operational agreement for your LLC, covering numerous what-ifstransfer the ownership to the LLC, either with a deed or with one of the alternative methodsconvert the responsibility for the loan from him to jointarrange that your insurance will accommodate the ownership changeestablish operating procedures, including resolving decision deadlocksset up a solid bookkeeping systemI cannot tell how experienced you guys are with flipping, but a warning is due: over 95% of first-time flips lose money.

A bookkeeper might keep track of everything but that's an expense and if you're just starting, you wont need that. 

Simplifies bookkeeping with tons of automation.Can't say enough good things about Xero. 

Fortunately I didn’t lose the opportunity.I caught up on bookkeeping for the three rental homes I have with a partner.

You can (and should) hire people to do the actual contractor work -- you should focus on learning:-  Deal analysis-  Cash flow management-  Financing-  Hiring-  Managing-  Bookkeeping-  Acquisition Marketing-  Contracts/Agreements-  Creating/Documenting ProcessesIf you focus on these things -- and hire really smart and competent people to focus on the rehab work -- you'll find that your business runs a lot more smoothly than if you're just focused on the rehabbing.

(Actually just a bookkeeping entry.)Major systems are usually replaced before we rent out a house, so we rarely have big repair bills.

If you want a bookkeeping firm - Corporate.If tax firm - Public. 

A profitable option would not only being a tax preparer but learning how to use Quickbooks then offering remote services where you do the bookkeeping of certain small businesses or even RE investors.

As far as book keeping, I will still keep records of everything according to individual property (for my own knowledge and in case of audit/ lawsuit/ etc) but, since I technically will be combining all the properties' supplies into one dollar amount reported on my tax return, and all the properties' repairs into one number, etc etc.. doesn't it make sense to just use one bank account/ credit card?