Were looking to put a list together of recommended contractors to do work on our house first so we can vet them out to do work on investment properties. 

I am not overly-handy (I never owned tools until I bought a duplex) - so far I've done basic electric (installing an outlet, adding a junction box, putting in receptacles, removing breakers, fixing a 3 way switch -- all things an electrician wouldn't touch -- or would charge a couple hundred bucks to do, cost me about 7 dollars - literally), replaced an exterior door, removed rotten siding and put up new siding along with replacing the plywood behind it, re-built the rotten framing of a garage wall, installed a ceiling fan, and just about a thousand other things along the way.

If one was to GC a new construction or a flip project (in NJ) would you need to take out a general contractor insurance policy or does the builders risk insurance policy on each property as well as hiring fully insured sub-contractors suffice?  

The owner may be taking the position that since you passed your inspection period/attorney review period if you have one (I am assuming this) that either you close as per contract or you don’t, and perhaps you lose your EM.

Is the partner acting as a Contractor, and needs a 1099 for this service?

@Tim SiochengTim, I am a local buy-and-hold DIY landlord and home improvement contractor in Western PA.

Anyone have any rockstar GC's they can recommend for St. Paul/Minneapolis are remodeling work?

Many jurisdictions will let you do it if you live there, but once you start getting into foundation work, many require a 3rd party engineer and contractor get involved. 

@Drew Slew, find an experienced contractor / developer to partner on this deal.

Any referrals for contractors in South Chicago?