What's even scarier is the same scenario I described gets the general contractor license that can complete a cosemtic rehab, the scope of work that @Anthony Theokary is proposing and a 50,000 SF ground up podium building with complicated storm water and utility connections.

I proposed fixing it up and then selling it on the market and the family agreed.

Instead of hiring that person as the PM, propose to rent the house to him as a LTR. 

It will have things like 1. the name of the proposed insured; 2. the amount of insurance; 3. the legal description of the property to be insured, the interest being insured such as leasehold or fee simple; 4. the requirements that need to be complied with such as a deed from the seller to the buyer, a mortgage from the buyer to the lender and release of the seller's mortgage etc.; 5. exceptions to coverage such as restrictions and easements that burden the property; 6. exclusions from coverage such as governmental actions. 

I'll echo the idea I don't think its balanced as your propose it;  you own the land and are already more involved than just as an "investor" it doesn't feel like a balance.

In 2020, Microsoft acquired Quarry Yards (Grove Park) for $127 million but recently paused its plans to develop its proposed campus.

Most of what is proposed on Bigger Pockets in terms of layering of entity structures will not prevent plaintiff attorneys from bringing claims.

The commission rate the broker proposed is 6% for year 1-5 and 4% for year 6-10.

A lot of realtors will list properties and give you a proposal of what the property could potentially do in rental income.

I’d love to know how you structured the deal, proposed it to your family member, and simply went about the process of completing it?