Why would you do anything that effectively pays you less than that?

Too many strategies to address  on a post like this but I recommend you research all of the above.

I have done extensive research in the risks, how to structure such deals to mitigate those risks as effectively as possible, and legal considerations of each strategy. 

Hello @Yvonne Wang,The scope of work should include the following:- Basic info: Property address, client name, contractor's contact info, address, license#'s, signed general/operating agreement b/w contractor and client- Specification of repairs: Repair item, Quantity of items needed, total & per unit cost of items, taxes (if applicable), Completion hours, title of the person responsible for the repair item, written summary describing the work- Add'l info: Schedule of repairs, additional payment schedule details i.e. disbursement schedule, method of disbursement, deposits, holdback amounts, etc.The screenshot below highlights a couple of repair items.

fpr=1k54qIf you want to DM your address I can provide you with a free report from my tools (bnbcalc and AirDNA pro)

Whats the address?

My current solution of using Baselane is by far the most cost effective and easiest, but it still requires that I spend time bookkeeping.

You want to stay in the loop, know what's happening at your property, and address any concerns pronto.

They should be found early on by talking to other investors or your investor friendly Realtor.It is through effective property management that your money is made besides buying well initially.

Avoiding the occupants from squatting is best addressed with background checks, employment verifications, and references before signing the lease.