As a result, this isn’t the kind of market that attracts top-tier PM talent.Your best solution might be to either:1.Take on self-management if possible (and if you’re willing to put in the time/effort).2.Find an individual you can trust to handle these properties, set up very specific instructions and processes, micro-manage them initially to ensure standards are met, and compensate them well to make it worth their while.This approach requires more oversight on your part but can yield better results in markets like this.

How would you recommend, or what resources would you refer for us to properly figure out how we spend our time and appropriately get compensated for it?

If you supply the machines, I recommend increasing rent $100 or so to compensate for the purchase and maintenance. 

Let me explain....Once I learned what others in the group were being fairly compensated (also from Hunter), I quickly realized that I had left 7 figures on the table last year due to my lack of knowledge in this area.

If your manager is just 'keeping an eye' on things, collecting/reminding on a few rents here and there and some light cleanup while being compensated in free or reduced space rent then classifying them as 1099 subcontractor is great. 

Lastly, do you typically find yourself cash-out refinancing your deals and, if you do, do you set your rent on the higher end to compensate for the increased mortgage costs you will inevitably have to pay after you refinance?

Time Commitment - Basically if one of you spend more time on the project than the other they should be compensated for that time.

For example, you could create a weighted structure where a percentage of profits is based on cash contributions, and another portion compensates for rehab or management efforts.Rent Payments and Tax-Free Profits:If you structure it as an owner-occupied property, the rent you pay could be shared proportionally, but tax-free gains on resale may only apply to your share, as you’d be the owner-occupant.

If you are a highly compensated professional or business owner, it might not make a lot of sense spending time managing a property.  

Just say no.I would almost never do this trade unless all my downside, including potential unknowns, were completely compensated for.