If there's a part of the job that does not require a license and will not be inspected by the city (such as finishes) I as the project manager have the option whether or not I will give that portion of the job to the GC or farm it out. 

It’s common courtesy to provide plenty of hot water for a dwelling space.

I worked with people here in Los Angeles that buy and refurbish properties for Tennent In Common or TIC sales and exit strategy.

Especially for STR, you could literally put a sofa bed in the living room and accommodate extra guests (before you all scream, this is fairly common even in high end STRs and I've never heard of complaints, but feel free to cite other experiences).

They barely meet that my only concern at this point is the fact that he is given no employment, history whatsoever he's listed himself as unemployed but I know he's had jobs, but without that in a documented form, I have concerns

You could just hire him to build; the PM piece shouldn't be tied to the JV - they get the business if they do a good job and it should be equitable fee's for the area. 

It's common to see late fees assessed on the third or fifth day.

But they are doing a good job at enforcing collections and trying to improve it.

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Inexpensive cash flow opportunity in good, solid blue-collar neighborhood - at a time when I was making decent money in my W2 job.