More importantly, your long-term renter has no training, no known skills, no supervision, and no incentive to perform well.Sorry to hear about your troubles.

If you have the attitude of the "PM is me when I'm not there" - you are off - that's NEVER going to happen.Your attitude needs to be: supervise the PM but not micromanage him.I suggest you find a course or a system that can help you as it sounds like if you continue on this path you will end up w/ the same result. 

If PA requires you to have a managing broker supervise you, you can learn how deals get structured and take advantage of their experience. 

Could my wife or myself receive compensation from the LLC (such as employment by the LLC supervising construction, or receiving commissions for selling the townhomes), or would this be considered Self Dealing?

And I read insurance is needed to buy a property, which sounds shocking to me, meaning there may be a high risk involved in something as simple as purchasing property.In Spain, where I live transactions regarding property are supervised, governed and administered by government appointed officials, notary public and land registrar, and they can solve any doubts a prospective buyer has about a property transaction.Title can be reviewed asking the Land Registry for the property's file.

Knowledge from class, experience from clinics (if you need direct supervision), contacts/connection internship (indirect supervision), academic researcher from your thesis. 

But you need to manage all those people, pay them, supervise their work)At this stage, the most uncomfortable thing about managing the property will be your ignorance.

Check with State Labour Laws, but irs has basically two (or three) checks: don’t have expected hours and don’t supervise how he does the job (it’s a quick Google).

I just supervised the work, sourced all the material and labor, and paid an agent to list and sell the homes.With the foreclosures commencing again, I am thinking of getting back into this as my "trial" the first time actually went pretty well.

As Lance mentioned, it might be hard to justify paying a 4 year old anything material.And, if you're not going to pay him something material, it probably doesn't make sense to run payroll (which you should be doing) and go through the trouble of opening an IRA.Those individuals that pay their 4 year old $5k, $10k, etc a year are just playing the audit lottery.Where this strategy really shines is when you have a child old enough to do the work without needing constant supervision (or else they start playing with bugs).