I have what is so far a very decent management company who is pretty good with making me feel like my investment is under good supervision. 

I don’t have to supervise.

The IRS was certainly criticized by the Inspector General last September for failing to provide adequate supervision (audit) and instruction (guidance) over 1031 exchanges, especially those involving vacation properties and second homes, which were just addressed in Revenue Procedure 2008-16.

If he doesn't pay he goes to jail and it is supervised by a probation department.

Some of the time the brokers supervising are more balanced and mature in their thinking.

If the contractor is weak in one area, a local Subcontractor can readily be brought in on a limited basis to offer supervision/management.  

For a 203(k) loan, it’s my understanding that you can use a maximum of 2 contractors (e.g. 1 Plumber, 1 A/C Technician) before needing to actually hire a General Contractor to supervise the work and sub-contractors.We are trying to not hire a GC, so would like to keep the work we do limited to only 2 contractors.Does anyone know if I could list a Home Improvement Store (Home Depot, Lowes, etc) as a contractor?

He's also bad about following up with paper work ect. but again just make sure you keep on top of things and no issue.He's an honest guy, and works at my personal house without supervision and I've never had an issue.

These are homes for people who don't require true nursing care, they just need a little supervision. 

I haven't presented terms yet to tenants (in Sewanee now, supervising last minute preps for Bluff House tenant -- he's named it "Trinity on Short") but have to do it soon.